Canadian international merchandise trade, May 2025

Released: 2025-07-03

In May, Canada's merchandise exports were up 1.1%, while imports fell 1.6%. As a result, Canada's merchandise trade deficit with the world narrowed from a record $7.6 billion in April to $5.9 billion in May.

Due to the implementation of the Canada Border Services Agency (CBSA) Assessment and Revenue Management (CARM) digital initiative, estimates were added to the reference months from November 2024 to May 2025. Please see the Note to readers below for more information.

Consult the "International trade monthly interactive dashboard" to explore the most recent results of Canada's international trade in an interactive format.

Chart 1 
Merchandise exports and imports

Sharp increase in gold exports behind the rise in total exports

Following a significant decline of 11.0% in April, total exports rose 1.1% in May. This was the first increase in four months, with the preceding monthly declines coinciding with the implementation of tariffs on imports of Canadian goods in the United States. Exports to the United States (-0.9%) were down for a fourth consecutive month in May. Overall, increases were observed in 7 of the 11 product sections. Exports of metal and non-metallic mineral products posted the largest increase, mainly on higher exports of unwrought gold. Excluding metal and non-metallic mineral products, total exports were down 1.2%. In real (or volume) terms, total exports were up 0.7% in May.

Chart 2 
Contribution to the monthly change in exports, by product, May 2025

Following three consecutive monthly decreases that came after a record high set in January, exports of metal and non-metallic mineral products increased 15.1% in May. Exports of unwrought gold, silver and platinum group metals and their alloys—a category largely composed of unwrought gold—posted the largest increase (+30.1%) to reach a record $5.9 billion. Most of the rise was attributable to higher physical shipments of gold to the United Kingdom.

Chart 3 
Exports and imports of unwrought gold, silver, and platinum group metals

Exports of consumer goods rose 2.6% in May. Exports of meat products (+13.1%) posted the largest increase, in part because of higher exports of pork to Japan. After three consecutive monthly declines, exports of prepared and packaged seafood products (+52.9%) rebounded in May and also contributed to the growth in the product section. Despite the monthly increase, exports of consumer goods were 18.5% lower than the high observed in January.

The overall increase in total exports in May was partly offset by a 5.6% decrease in exports of energy products. Declines were observed in all subcategories within the product section. Exports of crude oil (-4.0%) were down the most, with both prices and volumes decreasing for the month. Crude oil market prices fell significantly at the beginning of April and remained lower for most of the month of May.

Imports fall for a third consecutive month

Total imports were down 1.6% in May, a third consecutive monthly decline. Decreases were observed in 5 of the 11 product sections, with imports of metal and non-metallic mineral products posting the largest decline. In real (or volume) terms, total imports fell 0.6% in May.

Chart 4 
Contribution to the monthly change in imports, by product, May 2025

Imports of metal and non-metallic mineral products (-16.8%) decreased the most in May, in large part because of lower imports of unwrought gold, silver, and platinum group metals (-43.2%). The decline in imports of unwrought gold in May follows a strong increase in April, when imports of unwrought gold jumped $2.4 billion to a record $2.7 billion, mainly on higher imports shipped from the United States.

Following a 13.3% decrease in April, imports of motor vehicles and parts fell an additional 5.3% in May. Imports of passenger cars and light trucks (-9.7%) declined the most for the month. After three consecutive monthly increases, leading to a record high in March, imports of passenger cars and light trucks reached their lowest level in more than two years in May. The recent declines in imports of passenger cars and light trucks coincided with the implementation of reciprocal tariffs by Canada in response to those imposed by the United States.

Chart 5 
Imports of passenger cars and light trucks

Imports of consumer goods (+4.3%) partially offset the overall decrease in May. Following two consecutive monthly declines, imports of miscellaneous goods and supplies (+7.7%) increased the most in May, mainly on higher imports of video game consoles. Imports of pharmaceutical products (+5.7%) also contributed to the gain, with higher imports from Ireland and the United States.

Please see the Note to readers below for more information on the impacts of the CARM digital initiative on Canada's import statistics.

Exports to the United States decrease for a fourth consecutive month

Amid the recent implementation of tariffs on imports of Canadian goods in the United States, Canada's exports to the United States decreased 0.9% in May, a fourth consecutive monthly decline. From a monthly average of 75.9% in 2024, Canada's share of exports destined to the United States was 68.3% in May, one of the lowest proportions on record. Meanwhile, imports from the United States were down 1.2% in May, a third consecutive monthly decrease. Canada's merchandise trade surplus with the United States widened slightly, from $3.1 billion in April to $3.2 billion in May.

Chart 6 
Merchandise trade with the United States

Meanwhile, exports to countries other than the United States reach a record high

Exports to countries other than the United States rose 5.7% in May to reach a record high. Higher exports to the United Kingdom (unwrought gold), Singapore (crude oil) and Italy (unwrought aluminum and pharmaceutical products) were partially offset by lower exports to China (canola and crude oil). Meanwhile, imports from countries other than the United States decreased 2.0% in May. Total merchandise trade (exports plus imports) with countries other than the United States increased to $47.6 billion in May, a third consecutive record high. Canada's trade deficit with countries other than the United States narrowed from $10.7 billion in April to $9.1 billion in May.

Chart 7 
Merchandise trade with countries other than the United States

Chart 8 
International merchandise trade balance

Revisions to April merchandise export and import data

Imports in April, originally reported at $67.6 billion in the previous release, were revised to $67.7 billion in the current reference month's release. Exports in April, originally reported at $60.4 billion in the previous release, were revised to $60.1 billion in the current reference month's release.

Monthly trade in services

In May, monthly service exports edged down 0.2% to $17.9 billion. Meanwhile, imports of services increased 1.8% to $18.6 billion.

When international trade in goods and services are combined, exports increased 0.8% to $78.7 billion in May, while imports decreased 0.8% to $85.3 billion. As a result, Canada's total trade deficit with the world went from $8.0 billion in April to $6.6 billion in May.

Products

The International trade statistics portal is now available on the Statistics Canada website.

The product "International trade monthly interactive dashboard" (Catalogue number71-607-X) is now available. This interactive dashboard is a comprehensive analytical tool that presents monthly changes in Canada's international merchandise trade data on a balance-of-payments basis, fully supporting the information presented every month in the Daily release.

The product "The International Trade Explorer" (Catalogue number71-607-X) is now available online.

The updated "Canada and the World Statistics Hub" (Catalogue number13-609-X) is available online. This product illustrates the nature and extent of Canada's economic and financial relationship with the world using interactive charts and tables. It provides easy access to information on trade, investment, employment and travel between Canada and a number of countries, including the United States, Mexico, China, Japan, Belgium, Italy, the Netherlands and Spain.

The product "Canada's international trade and investment country fact sheet" (Catalogue number71-607-X) is also available.

The online Canadian International Merchandise Trade Database is no longer available. It has been replaced by the Canadian International Merchandise Trade Web Application (Catalogue number71-607-X), a modern tool that provides trade data users with a number of enhancements.

Contact information

For more information, or to enquire about the concepts, methods or data quality of this release, contact us (toll-free 1-800-263-1136; 514-283-8300; infostats@statcan.gc.ca) or Media Relations (statcan.mediahotline-ligneinfomedias.statcan@statcan.gc.ca).