Canada International Merchandise Trade Deficit Balloons in November on Lower Exports; Surplus With The U.S. Expands

08:48 AM EST, 01/29/2026 (MT Newswires) -- Canada's merchandise trade deficit with the world widened from $395 million in October to $2.2 billion in November as exports fell 2.8% month over month, while imports edged down 0.1% month over month, said the country's statistical agency on Thursday.

The deficit was much wider than the $700 million consensus deficit provided by MUFG.

Exports of metal and non-metallic mineral products posted the largest decline in November, noted Statistics Canada. Excluding exports of this product section, total exports increased 2.5% month over month in November. In real (or volume) terms, exports were down 0.9%.

Declines in imports were observed in seven of the 11 product sections, added StatsCan. Imports of motor vehicles and parts (-4.5%) posted the largest decrease in November.

Canada's merchandise trade surplus with the United States totaled $6.6 billion, an increase from the $5.2 billion surplus observed in October as imports from the U.S. fell 5.4% month over month and exports decreased 1.8% month over month.

Canada's trade deficit with countries other than the U.S. widened from $5.6 billion in October to $8.8 billion in November.

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