Canada Swings Unexpectedly to Small International Merchandise Trade Surplus in September on Higher Exports, Drop in Imports

08:44 AM EST, 12/11/2025 (MT Newswires) -- Canada's merchandise trade deficit with the world went from a deficit of $6.4 billion in August to a surplus of $153 million in September, as exports increased 6.3% month over month, while imports were down 4.1% month over month, said the country's statistical agency on Thursday.

Canada's September surplus was unexpected, as the consensus forecast was for a $4.5 billion deficit based on figures provided by Scotiabank.

After falling 3.2% month over month in August, total exports rebounded 6.3% in September, noted Statistics Canada. This was the largest percentage increase since February 2024.

Overall, gains were observed in nine of the 11 product sections in September. Exports of metal and non-metallic mineral products posted the largest increase, driven by higher exports of unwrought gold, pointed out StatsCan.

After rising 1.0% month over month in August, total imports were down 4.1% in September. Overall, decreases were observed in seven of the 11 product sections. Almost two-thirds of the decline was attributable to lower imports of metal and non-metallic mineral products, with imports of unwrought gold posting a sharp drop in September.

Canada's trade surplus with the United States widened from $6.0 billion in August to $8.6 billion in September, the largest surplus since February 2025, as exports to the U.S. were up 4.6% in September, partly due to higher exports of aircraft, light trucks and unwrought gold. Meanwhile, imports from the U.S. declined 1.7% in September, a third consecutive monthly decrease, added the Ottawa-based agency.

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