Canada’s trade deficit rose to C$5.7 billion in February 2026 from the upwardly revised C$4.2 billion in January and worse than the expected C$2.3 billion shortfall. This marked the widest trade gap since August 2025, as total imports surged 8.4% to a record high of C$72.1 billion, led by a 45.6% jump in purchases of metal and non-metallic mineral products, particularly gold in the United States. Imports also increased markedly for energy products (20.1%); metal ores and non-metallic minerals (17.6%); and basic and industrial chemical, plastic and rubber products (8.2%). Exports rose 6.4% to C$66.3 billion, the highest since March 2025, mainly on the back of shipments of motor vehicles and parts (24.2%); unwrought gold, silver, and platinum group metals, and their alloys (14.2%) and fishing and intermediate food products (10.5%). Canada’s trade surplus with the US shrank to C$1.7B, the lowest since May 2020, from C$4.9 billion in January, as imports surged 13.6% and exports rose 4.4%.