In April, Canada's merchandise exports experienced a significant decline of 10.8%, alongside a 3.5% decrease in imports. Consequently, the nation's merchandise trade deficit with the global market expanded to a record C$7.1 billion. Total exports fell to C$60.4 billion, marking the lowest level since June 2023 and representing a third consecutive monthly decline—the most substantial drop in five years. This downturn followed the United States' implementation of tariffs on Canadian goods, with additional tariffs introduced in April, particularly affecting motor vehicles.
Prior to the imposition of these tariffs, exports to the United States had witnessed elevated levels in late 2024 and early 2025. However, these high figures have since trended downwards. In April, as in March, exports to the United States decreased significantly by 15.7%, while exports to countries beyond the U.S. saw a rise of 2.9%. Overall, declines were noted in 10 out of the 11 product categories, with only the export of metal ores and non-metallic minerals experiencing a modest increase. In terms of real or volume measures, total exports decreased by 9.1% in April.
