| Previous | |
|---|---|
| Balance | C$-6.324B |
| Imports - M/M | 0.9% |
| Imports - Y/Y | 1.7% |
| Exports - M/M | -3.0% |
| Exports - Y/Y | -5.5% |
Highlights
Nov. 4, 2025 statement from Statistics Canada:
As noted in the October 24 publication"Impacts of the partial US government shutdown on the upcoming release of Canadian international trade data," the November 4 releases of Canadian international merchandise trade and Canadian international trade in services for the September 2025 reference month will not occur as originally planned and will be released at a later date.
Statistics Canada sources its data on Canada's exports to the United States from the United States Census Bureau (USCB), and the partial shutdown of the US federal government has affected USCB operations, resulting in data files not being transmitted to Statistics Canada. As a result, Statistics Canada must postpone the release of merchandise trade data for the September reference month, as well as the release of monthly trade in services, which depends on complete merchandise trade data and other information published by US federal agencies.
This delay impacts the publication of all products related to the release of September international trade data, including analytical reports in The Daily, and updates to data tables and interactive tools such as the Canadian International Merchandise Trade Web Application (Catalogue number71-607-X) and the International trade monthly interactive dashboard. The publication of revisions to prior months normally included with the September release will also be delayed.
Third quarter releases on Canada's balance of international payments and gross domestic product by expenditure, which rely on international merchandise trade data as an input, will be published as planned on November 27 and 28, respectively. If the September 2025 international merchandise trade data are unavailable when these statistics are compiled for the third quarter of 2025, Statistics Canada will produce special estimates of Canadian exports to the United States for that month, relying in part on modelled data.
Note that because of the duration of the shutdown, the planned release dates for international trade statistics for subsequent reference months could also be affected. In 2018-2019, a 35-day US government shutdown resulted in delays to five consecutive monthly international merchandise trade publications.
As noted in the October 24 publication"Impacts of the partial US government shutdown on the upcoming release of Canadian international trade data," the November 4 releases of Canadian international merchandise trade and Canadian international trade in services for the September 2025 reference month will not occur as originally planned and will be released at a later date.
Statistics Canada sources its data on Canada's exports to the United States from the United States Census Bureau (USCB), and the partial shutdown of the US federal government has affected USCB operations, resulting in data files not being transmitted to Statistics Canada. As a result, Statistics Canada must postpone the release of merchandise trade data for the September reference month, as well as the release of monthly trade in services, which depends on complete merchandise trade data and other information published by US federal agencies.
This delay impacts the publication of all products related to the release of September international trade data, including analytical reports in The Daily, and updates to data tables and interactive tools such as the Canadian International Merchandise Trade Web Application (Catalogue number71-607-X) and the International trade monthly interactive dashboard. The publication of revisions to prior months normally included with the September release will also be delayed.
Third quarter releases on Canada's balance of international payments and gross domestic product by expenditure, which rely on international merchandise trade data as an input, will be published as planned on November 27 and 28, respectively. If the September 2025 international merchandise trade data are unavailable when these statistics are compiled for the third quarter of 2025, Statistics Canada will produce special estimates of Canadian exports to the United States for that month, relying in part on modelled data.
Note that because of the duration of the shutdown, the planned release dates for international trade statistics for subsequent reference months could also be affected. In 2018-2019, a 35-day US government shutdown resulted in delays to five consecutive monthly international merchandise trade publications.
Definition
The merchandise trade balance measures the difference between imports and exports of goods. The level of the international trade balance, as well as changes in exports and imports, indicate trends in foreign trade and can offer a guide to an economy's competitiveness. Nominal data are supplied with regards to principal trading partners and product classification.
Description
Changes in the level of imports and exports, along with the difference between the two (the trade balance) are a valuable gauge of economic trends here and abroad. While these trade figures can directly impact all financial markets, they primarily affect currency values in foreign exchange markets. This is particularly true for Canada which relies on exports and particularly those to the U.S. for growth. It should be noted that this report focuses solely on goods trade - it leaves services trade for the quarterly national accounts and balance of payments reports.
Imports indicate demand for foreign goods while exports show the demand for Canadian goods in the U.S. and elsewhere. The Canadian dollar is particularly sensitive to changes in its trade balance with the U.S. For the most part, Canada's trade balance is in surplus thanks to its exports to the U.S. Both the nominal export and import values are split into volume (real) and price components. This permits trade data to be analyzed for both changes in trade patterns as well as changing prices. This has been particularly important of late given energy price volatility and the impact on Canada's merchandise shipments. A word of caution -- the data are subject to large monthly revisions. Therefore, it can be misleading to form opinions on the basis of one month's data.
The bond market is sensitive to the risk of importing inflation. This report gives a breakdown of trade with major countries so it can be instructive for investors who are interested in diversifying globally. For example, a trend of accelerating exports to a particular country might signal economic strength and investment opportunities in that country.
Imports indicate demand for foreign goods while exports show the demand for Canadian goods in the U.S. and elsewhere. The Canadian dollar is particularly sensitive to changes in its trade balance with the U.S. For the most part, Canada's trade balance is in surplus thanks to its exports to the U.S. Both the nominal export and import values are split into volume (real) and price components. This permits trade data to be analyzed for both changes in trade patterns as well as changing prices. This has been particularly important of late given energy price volatility and the impact on Canada's merchandise shipments. A word of caution -- the data are subject to large monthly revisions. Therefore, it can be misleading to form opinions on the basis of one month's data.
The bond market is sensitive to the risk of importing inflation. This report gives a breakdown of trade with major countries so it can be instructive for investors who are interested in diversifying globally. For example, a trend of accelerating exports to a particular country might signal economic strength and investment opportunities in that country.
