Canada Records Smaller-Than-Expected Trade Deficit as Exports to U.S. Fall
Latest news on WhatsApp أجدد الأخبار على واتسابCanada recorded a smaller-than-expected trade deficit in October, while the share of Canadian exports destined for the United States fell to its lowest non-pandemic level since 1997, underscoring Ottawa’s efforts to diversify its trade partners, official data showed.
According to figures released by Statistics Canada, the country posted a trade deficit of approximately C$583 million, well below market expectations, as imports grew faster than exports during the month.
The data showed that exports to the United States accounted for 67.3% of Canada’s total exports, marking the lowest share in more than two decades outside the pandemic period. Economists say the decline reflects a gradual shift by Canadian businesses toward alternative markets amid ongoing trade uncertainties and tariff pressures.
While imports rose notably, driven by higher purchases of electronic equipment and consumer goods, exports of precious metals and selected industrial products provided partial support to overall trade flows.
Analysts noted that the figures highlight Canada’s broader strategy to reduce reliance on the U.S. market and strengthen trade ties with Europe, Asia, and other regions, as global economic conditions remain volatile.
