OTTAWA, Feb. 19 (Xinhua) -- Canada's annual merchandise trade deficit widened significantly to 31.3 billion Canadian dollars (about 22.8 billion U.S. dollars) in 2025, the largest deficit since 2020, Statistics Canada said Thursday.
It followed consecutive deficits of 933 million Canadian dollars in 2023 and 7.2 billion Canadian dollars in 2024, according to data released by the national statistical agency.
Total exports edged down 0.2 percent in 2025, with seven of the 11 major product sections contributing to the decline. The downturn was led by energy products, which saw a 6.9 percent decrease mainly due to lower prices, it said.
The overall export decline was almost entirely offset by a 41.7 percent increase in exports of unwrought gold, silver, and platinum group metals, and their alloys. Excluding exports of this product group, Canada's annual exports were down 3 percent, said the agency.
Total imports rose 2.8 percent in 2025. The growth was driven by a 33.6 percent surge in metal ores and non-metallic minerals, a 6.4 percent increase in electronic and electrical equipment and parts, and a 4.7 percent rise in consumer goods, it added.
According to the agency, last year's exports to the United States were down 5.8 percent, while imports decreased 2.9 percent. As a result, Canada's trade surplus with the United States narrowed to 81.6 billion Canadian dollars, down from 101.3 billion Canadian dollars in 2024.
In contrast, Canada's trade with non-U.S. partners showed robust growth with exports rising 17.2 percent in 2025 and imports up 12.4 percent, said Statistics Canada. (1 Canadian dollar = 0.73 U.S. dollar)
