Canadian merchandise exports fell 2.3% month over month to C$76.1 billion in July 2026, the lowest level since March and the first decline in six months. Export values decreased in 7 of the 11 major product categories.
Exports of metal and non-metallic mineral products dropped 8.5%, following a 15.8% surge in June. This reversal was driven primarily by a 13.1% decline in unwrought gold, silver, and platinum group metals and their alloys. The drop reflected reduced purchases of Canadian‑held gold by foreign residents and fewer shipments to the United States, with lower prices further weighing on export values.
Energy product exports fell 4.4%, marking a third consecutive monthly decline. Crude oil exports led the decrease, down 5.6% as both prices and volumes receded. Natural gas exports fell 14.0% after two straight monthly gains.
Exports to the United States declined 6.6%, the steepest fall since April 2025, mainly due to lower shipments of crude oil and gold. In contrast, exports to destinations other than the United States rose 7.4% to a record C$25.6 billion.
