In February 2025, Canada announced a trade deficit amounting to CAD 1.5 billion, moving away from a revised 32-month high surplus of CAD 3.1 billion observed in January. This figure also fell short of the anticipated CAD 3.4 billion surplus. Exports saw a decline of 5.5% month over month, settling at CAD 70.1 billion, which is still the second-highest level recorded since May 2022. This decrease was apparent across 10 out of 11 product categories, with significant reductions in energy products (-6.3%), motor vehicles and parts (-8.8%), and metal & non-metallic mineral products (-6.6%). Additionally, there was a notable 10.8% drop in exports of forestry products, building, and packaging materials.
In contrast, imports experienced a 0.8% rise, reaching a new record high of CAD 71.6 billion, marking the fifth consecutive monthly increase, following a 2.4% rise in January. The most substantial increases in imports were seen in motor vehicles and parts (+5.8%), industrial machinery, equipment and parts (+3.1%), energy products (+5.2%), and metal and non-metallic mineral products (+3.5%).
