Canada’s trade surplus plummeted in July, before US tariffs
Exports to the US fell by 6.6%, the sharpest percentage decline since April 2025.
Canada's trade surplus with the United States shrank by nearly half in July, falling to C$5.9 billion, down from C$10.3 billion in June, according to Statistics Canada. The decline was attributed to falling prices of oil and precious metals, which likely impacted exports, the agency reported. The trade surplus in July was C$769 million, a significant decrease from C$4.2 billion in the previous month.
Exports to the US, where a large portion of Canada's crude oil is shipped, dropped by 6.6% in July, marking the largest percentage decrease since April 2025. Trade talks between the US and Canada ended in deadlock last month, with US President Donald Trump's threat of tariffs ranging from 25% to 50% triggering retaliatory measures from Canada, set to be implemented the following week.
This escalating trade war is anticipated to negatively affect bilateral trade between the two nations, prompting Ottawa to encourage consumers to prioritize Canadian goods.
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Also reported by 4 other outlets
- Canada’s trade surplus plummeted in July, before US tariffs freemalaysiatoday.com
- Korea extends current account surplus in July amid strong exports koreatimes.co.kr
- Carney says Canada is ready to strike a U.S. trade deal as both sides show flexibility qz.com
- S. Korea extends current account surplus in July amid strong exports en.yna.co.kr
