PrintCIBC Doesn't Expect to See Improvement in Canada's Exports This Year After November's Higher Than Expected Deficit
BY MT Newswires | ECONOMIC | 01/29/26 09:42 AM EST09:42 AM EST, 01/29/2026 (MT Newswires) -- Canada's international trade deficit widened to $2.2 billion in November, from $400 million in the prior month, as exports dropped off, coming in worse than the consensus expectation for a $0.7 billion shortfall, CIBC noted Thursday.
It also noted the 2.8% month-over-month drop in nominal exports was driven entirely by a drop in the volatile unwrought gold category, as excluding that group would have seen exports increase by 2.5%.
All told, CIBC said, export volumes were down by 0.9% month over month, while import volumes rose by 0.9%. "The trade data continues to suggest that net trade flipped to subtract from growth in Q4, and with trade uncertainty persisting, CIBC doesn't expect to see a sustained improvement in exports until further into 2026," it added.
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