Canadian international merchandise trade, December 2025
Released: 2026-02-19
In December, Canada's merchandise exports increased 2.6%, while imports were up 0.6%. As a result, Canada's merchandise trade deficit with the world narrowed from $2.6 billion in November to $1.3 billion in December.
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
The appreciation of the Canadian dollar and impacts on import and export values
A large proportion of import and export transactions are completed in US dollars and must be converted to Canadian dollars to compile monthly trade statistics. All other things being equal, when the Canadian dollar appreciates against the US dollar, monthly trade values expressed in Canadian dollars are lower.
In December, the average value of the Canadian dollar increased 1.3 cents US compared with November. This is the largest monthly increase since January 2025. When expressed in US dollars, Canadian exports increased 4.5% in December, while imports were up 2.4%.
Gold exports rebound and exports of aircraft and other transportation equipment and parts reach a record high
Following a 2.2% decrease in November, total exports rose 2.6% in December. Despite the increase, declines were observed in 7 of the 11 product sections. As was the case in recent months, exports of metal and non-metallic mineral products (+18.0%) posted the largest monthly variation. Excluding exports of this product section, exports edged down 0.2% in December. In real (or volume) terms, total exports were up 1.4%.
Chart 2
Contribution to the monthly change in exports, by product, December 2025
After decreasing 20.9% in November, exports of metal and non-metallic mineral products rose 18.0% in December. Exports of unwrought gold, silver, and platinum group metals, and their alloys—a category largely composed of unwrought gold—contributed the most to the monthly movement this month. Higher exports to the United Kingdom, the United States and Australia contributed the most to the increase in December. In the context of rising prices, exports of unwrought gold, silver, and platinum group metals, and their alloys have surged 41.7% in 2025 compared with 2024.
Chart 3
Exports of unwrought gold, silver, and platinum group metals, and their alloys
Exports of aircraft and other transportation equipment and parts were up 20.5% in December to reach a record high of $3.5 billion. Exports of aircraft (+26.0%) contributed the most to the gain in the product section. These exports tend to rise in the last month of the quarter, and in December 2025 they rose more than they typically do. Specifically, higher shipments of business jets to the United States were observed in the month. Exports of aircraft engines, aircraft parts and other aerospace equipment (+15.4%) also contributed to the growth, mainly on higher exports of aircraft engines to the United States.
Chart 4
Exports of aircraft and other transportation equipment and parts
Various product sections posted decreases of greater than $100 million to partially offset the overall increase in exports in December. These product sections included metal ores and non-metallic minerals (-7.2%), forestry products and building and packaging materials (-4.6%), energy products (-1.0%) and basic and industrial chemical, plastic and rubber products (-3.5%).
Imports of passenger cars rebound and gold imports rise
Total imports were up 0.6% in December. Overall, gains were observed in 6 of the 11 product sections. In real (or volume) terms, total imports were up 1.4%.
Chart 5
Contribution to the monthly change in imports, by product, December 2025
Imports of motor vehicles and parts were up 5.1% in December, mainly because of higher imports of passenger cars and light trucks (+12.1%). This follows a decrease of 4.7% in November for passenger cars and light trucks, which coincided with weaker production in the United States due to a recent shortage of materials and parts. In December, the rise in imports of passenger cars and light trucks was mainly the result of higher imports from countries other than the United States, notably Mexico and the Netherlands.
Chart 6
Imports of passenger cars and light trucks
Imports of metal and non-metallic mineral products increased 7.7% in December. Imports of unwrought gold, silver, and platinum group metals, and their alloys (+53.5%) were up for a third consecutive month and increased the most in the product section, in large part because of higher purchases of gold located in the United States.
Imports of metal ores and non-metallic minerals increased 16.4% in December to reach a record of $2.8 billion. Imports of other metal ores and concentrates (+21.5%) were largely responsible for the growth in the product section, mostly because of higher import values of gold doré from South American countries.
Chart 7
Imports of other metal ores and concentrates
These increases were partially offset by declines observed in various product sections in December. Imports of consumer goods (-4.5%), basic and industrial chemical, plastic and rubber products (-4.7%) and farm, fishing and intermediate food products (-7.3%) all posted month-to-month decreases larger than $200 million.
Trade surplus with the United States narrows
After falling in the previous two months, exports to the United States increased 1.1% in December. Meanwhile, imports from the United States were up 3.5%. As a result, Canada's merchandise trade surplus with the United States narrowed from $6.5 billion in November to $5.7 billion in December.
Chart 8
Merchandise trade with the United States
Exports to countries other than the United States reach a record high
Exports to countries other than the United States rose 5.8% in December to reach an all-time high. Increased shipments of unwrought gold to the United Kingdom contributed the most to the growth in the month. Imports from countries other than the United States fell 3.0% in December, with widespread decreases observed across various countries. Canada's trade deficit with countries other than the United States narrowed from $9.0 billion in November to $7.0 billion in December.
Chart 9
Merchandise trade with countries other than the United States
Chart 10
International merchandise trade balance
Exports outpace imports in the fourth quarter
Total exports rose 3.9% in the fourth quarter of 2025, a second consecutive quarterly increase. Exports of metal and non-metallic mineral products (+23.4%) were responsible for nearly all of the overall quarterly increase. Excluding this product section, exports were up 0.5%. Exports of energy products (+1.3%) and aircraft and other transportation equipment and parts (+5.8%) also contributed to the increase in the quarter.
Following a decrease of 2.2% in the third quarter, total imports rose 1.2% in the fourth quarter. Imports of electronic and electrical equipment and parts (+5.7%) and metal ores and non-metallic minerals (+18.4%) posted the largest increases.
With regard to quarterly results in constant dollars (calculated using 2017 chained dollars), real exports were up 2.1% in the fourth quarter, while real imports edged up 0.3%.
Gold prices temper the decrease in annual exports in 2025
Annual exports edged down 0.2% in 2025, with 7 of 11 product sections contributing to the decline. These decreases were almost entirely offset by a 41.7% increase in exports of unwrought gold, silver, and platinum group metals, and their alloys—a category largely composed of unwrought gold. Excluding exports of this product group, annual exports were down 3.0%. In 2025, exports of energy products (-6.9%) posted the largest decline, mainly due to lower prices.
Total imports rose 2.8% in 2025. Imports of consumer goods (+4.7%), metal ores and non-metallic minerals (+33.6%) and electronic and electrical equipment and parts (+6.4%) posted the largest increases for the year 2025.
Canada's merchandise trade balance posted a third consecutive deficit in 2025. Following deficits of $933 million in 2023 and of $7.2 billion in 2024, Canada's annual trade deficit widened to $31.3 billion in 2025, the largest deficit since the year 2020.
In 2025, exports to the United States were down 5.8% and imports decreased 2.9%. As a result, Canada's merchandise trade surplus with the United States totalled $81.6 billion for the year 2025, down from the $101.3 billion surplus observed in 2024.
The proportion of Canada's merchandise exports to the United States fell from 75.9% in 2024 to 71.7% in 2025. Meanwhile, the share of Canada's merchandise imports from the United States decreased from 62.3% in 2024 to 58.8% in 2025.
As for trade with countries other than the United States, exports rose 17.2% in 2025, while imports increased 12.4%. Canada's trade deficit with countries other than the United States widened from $108.4 billion in 2024 to $112.9 billion in 2025. In addition, total merchandise trade activity (imports plus exports) with countries other than the United States rose from $484 billion in 2024 to $553 billion in 2025, an increase of 14.3%.
Consult "The International Trade Explorer" to explore the annual results of Canada's international trade (on a customs basis) in an interactive format.
Revisions to November merchandise export and import data
Imports in November, originally reported at $66.1 billion in the previous release, were revised to $66.5 billion in the current reference month's release. Exports in November, originally reported at $63.9 billion in the previous release, were essentially unchanged in the current reference month's release.
Monthly trade in services
In December, monthly service exports increased 0.8% to $20.2 billion. Meanwhile, imports of services were down 2.2% to $19.4 billion.
When international trade in goods and services are combined, exports increased 2.2% to $85.8 billion in December, while imports were essentially unchanged at $86.4 billion. Canada's total trade deficit with the world went from $2.5 billion in November to $575 million in December.
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Note to readers
New publication date 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 January 2026 reference month are tentatively scheduled to be published on March 12, 2026. Statistics Canada will communicate any updates to release dates should changes be necessary. Following this release, 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 is scheduled to be updated on March 2.
Next release
Data on Canadian international merchandise trade for January are scheduled to be released on March 12.
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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