Canadian international merchandise trade, November 2025
Released: 2026-01-29
In November, Canada's merchandise exports fell 2.8%, while imports edged down 0.1%. As a result, Canada's merchandise trade deficit with the world widened from $395 million in October to $2.2 billion in November.
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
Gold exports decline following two consecutive strong increases
Total exports fell 2.8% in November, despite increases observed in 8 of the 11 product sections. Exports of metal and non-metallic mineral products posted the largest decline in November. Excluding exports of this product section, total exports increased 2.5% in November. In real (or volume) terms, exports were down 0.9%.
Chart 2
Contribution to the monthly change in exports, by product, November 2025
After increasing sharply in September and October, rising $4.7 billion in total over the two months, exports of metal and non-metallic mineral products fell $3.2 billion in November (-24.4%). Exports of unwrought gold, silver, and platinum group metals, and their alloys—a category largely composed of unwrought gold—have contributed the most to the monthly movements in all three months. In November, large declines were observed in exports of unwrought gold to the United Kingdom, the United States and Hong Kong. Despite the November decrease, exports of unwrought gold, silver, and platinum group metals, and their alloys have risen 39.5% since the beginning of 2025 compared with the same period in 2024, mainly on higher gold prices.
Chart 3
Exports of unwrought gold, silver, and platinum group metals, and their alloys
In November, exports of motor vehicles and parts decreased 11.6%, reaching their lowest level in three years. Exports of passenger cars and light trucks (-9.0%) fell the most, mainly due to lower production in November. This decrease occurred amid a semiconductor shortage that is disrupting the auto manufacturing industry. Exports of medium and heavy trucks, buses, and other motor vehicles (-53.8%) also fell sharply in November, coinciding with the introduction of new import tariffs on these products imposed by the United States on November 1, 2025. After posting a significant increase in October, these exports fell in November to their lowest level since March 2022.
Higher exports of energy products (+8.5%) moderated the November 2025 decline. Increased exports of crude oil and crude bitumen (+7.6%), driven by higher volumes, contributed the most to the monthly gain in this product section. This followed a sharp decline in export volumes in October, when temporary production shutdowns at refineries in the United States curbed the amount of Canadian crude oil exported south of the border.
Chart 4
Exports of crude oil and crude bitumen
Offsetting movements observed in imports
Total imports edged down 0.1% in November. Overall, declines were observed in 7 of the 11 product sections. Lower prices contributed to the monthly decrease in total imports; in real (or volume) terms, total imports were up 0.9%.
Chart 5
Contribution to the monthly change in imports, by product, November 2025
Imports of motor vehicles and parts (-4.5%) posted the largest decrease in November. Following two consecutive increases, imports of passenger cars and light trucks (-4.8%) contributed the most to the decline in the product section, mainly because of lower imports from the United States. This decrease coincided with reduced production of passenger cars in the United States, which was recently affected by a shortage of materials and parts used to produce these vehicles.
Chart 6
Imports and exports of motor vehicles and parts
Imports of energy products fell 10.6% in November. Imports of crude oil and crude bitumen (-30.2%) decreased the most, mainly on lower shipments from the United States and Nigeria. The decline in crude oil imports was moderated by higher imports of refined petroleum energy products (+35.3%), which increased mostly on higher imports of aviation fuel from Singapore and the United States.
The decline in total imports in November was partly offset by a 6.2% increase in imports of consumer goods. After falling 27.7% from August to October, imports of pharmaceutical and medicinal products rose 14.8% in November, in large part because of higher imports from Ireland and Belgium. Imports of clothing, footwear and accessories (+12.8%) also contributed to the gain in November.
Imports from the United States decline
After rising 5.4% in October, imports from the United States fell 5.4% in November, reaching their lowest level since February 2022. Meanwhile, exports to the United States decreased 1.8% in November 2025, a second consecutive monthly decline. In the first 11 months of 2025, exports to the United States were down 4.9% compared with the same period in 2024. In November 2025, Canada's merchandise trade surplus with the United States totalled $6.6 billion, an increase from the $5.2 billion surplus observed in October.
Chart 7
Merchandise trade with the United States
Imports from countries other than the United States post an all-time high
Imports from countries other than the United States rose 7.8% in November, reaching an all-time high. Imports from China (various products), Germany (various products) and Belgium (pharmaceutical products) contributed the most to the growth. After increasing 27.7% from August to October, exports to countries other than the United States fell 4.9% in November. Lower exports to the United Kingdom (gold), Hong Kong (gold) and the Netherlands (crude oil) were mainly responsible for the decline. Canada's trade deficit with countries other than the United States widened from $5.6 billion in October to $8.8 billion in November.
Chart 8
Merchandise trade with countries other than the United States
Chart 9
International merchandise trade balance
Revisions to October merchandise export and import data
Imports in October, originally reported at $66.2 billion in the previous release, were essentially unchanged in the current reference month's release. Exports in October, originally reported at $65.6 billion in the previous release, were revised to $65.8 billion in the current reference month's release.
Monthly trade in services
In November, monthly service exports decreased 1.5% to $19.8 billion. Meanwhile, imports of services were up 0.5% to $19.8 billion.
When international trade in goods and services are combined, exports decreased 2.5% to $83.8 billion in November, while imports edged up 0.1% to $86.0 billion. Canada's total trade balance with the world went from a small surplus of $27 million in October to a deficit of $2.2 billion in November.
Note to readers
New publication dates for Canadian international merchandise trade statistics
As a result of the recent US government shutdown, Statistics Canada has announced new release dates for Canadian International Merchandise Trade statistics, with several months affected.
Statistics for the December 2025 reference month are now scheduled to be published on February 19, 2026.
A tentative date has been identified for the January 2026 reference month (March 12, 2026). This date remains subject to change. Statistics Canada will communicate any updates to release dates should changes be necessary. Following these releases, it is expected that the publication of monthly international trade statistics will return to the originally planned release schedule.
Concepts and methods
Information on concepts and methods used for the monthly release of Canada's international merchandise trade is now available online. Please see "Notes on the monthly release of Canadian international merchandise trade" for more details.
For a detailed overview of the Canadian International Merchandise Trade program, please see "Reference Guide to Canadian International Merchandise Trade Statistics."
Real-time data table
The real-time data table 12-10-0165-01 will be updated on February 9.
Next release
Data on Canadian international merchandise trade for December 2025 will be released on February 19, 2026.
Products
The International trade statistics portal is now available on the Statistics Canada website.
The product "International trade monthly interactive dashboard" (71-607-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" (71-607-X) is now available online.
The updated "Canada and the World Statistics Hub" (13-609-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" (71-607-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 (71-607-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).
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