Rosenberg Research Says Canada's Trade Data Shows Declining Dependence on U.S.

08:30 AM EST, 01/09/2026 (MT Newswires) -- After a brief surplus in September, the trade balance came in at a deficit of $583 million in October, undercutting the consensus of a $1.5 billion deficit, said Rosenberg Research after Thursday's release of the data.

The drop in the trade balance was largely driven by a sharp spike in imports, which rose by 7.2% from September. Exports rose by 2.1% month over month after a 6.7% run-up last month, but this wasn't enough to counter the effects of the increase in imports, noted Rosenbegr Research.

The trend of declining dependence on the United States is continuing, stated Rosenberg.

Canada's efforts to diversify its trading partners could clearly be seen in the large 11.9% month-over-month rise in exports to the European Union, following a 16.7% rise last month, it added. Exports to China also rose by 28.4% month over month, while U.S. exports continued a losing trend, with the year-over-year pace at a 6.9% drop, which is negative for a seventh straight month.

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