Canada’s trade swung to a deficit of C$0.58 billion in October 2025 from a C$0.24 billion surplus in September, although better than the expected 1.4 billion deficit. Exports rose 2.1% m/m to C$65.61 billion, but gains were narrowly driven by metals. Metal and non-metallic mineral exports surged 27.3%, led by a 47.4% jump in unwrought gold on strong shipments to the UK, while motor vehicles and parts increased 4.1%. These advances were partly offset by an 8.4% drop in energy exports, with crude oil and bitumen down 13.5% on weaker volumes and prices. Exports to the US fell 3.4%. Imports rebounded 3.4% to C$66.19 billion, led by electronic and electrical equipment at +10.2% and a 9.5% rise in metal and mineral imports driven by higher inflows of unwrought gold and platinum group metals. As a result, Canada’s surplus with the US narrowed from C$8.4 billion to C$4.8 billion, while the deficit with non-US partners narrowed to C$5.4 billion, the smallest since January 2021.