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2w ago

Canada’s June Trade Deficit Jumps to C$5.9 Billion; US Gap Tightens to Lowest Since 2023

US tariffs on consumer goods drove imports down, trimming the trade gap to its narrowest since September 2023.

A drone view shows shipping containers at the Port of Montreal in Montreal, Quebec, Canada April 14, 2025. REUTERS/Carlos Osorio/File Photo
A transport truck carries a cargo container to be loaded on the Hapag-Lloyd container ship Frankfurt Express at the DP World Centerm terminal at port, in Vancouver, on Sunday, August 3, 2025. THE CANADIAN PRESS/Darryl Dyck
A cargo ship full of shipping containers is seen at the port of Oakland, California, U.S., August 4, 2025. REUTERS/Carlos Barria/File photo
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Overview

  • Canada’s merchandise deficit widened to C$5.9 billion in June, marking its second-largest monthly shortfall on record.
  • The spike was partly driven by a one-time offshore oil-equipment import, without which total imports would have fallen 1.9 percent.
  • Exports to the US rose 3.1 percent from May but remained 12.5 percent below year-ago levels, while imports from the US increased 2.6 percent, boosting Canada’s surplus with its neighbor to C$3.9 billion.
  • Shipments to non-US markets fell 4.1 percent from May—the first decline since February—led by lower gold exports to the UK and iron ore shipments to Japan.
  • US merchandise imports plunged under President Trump’s higher duties, narrowing its June trade gap by 16 percent to $60.2 billion and cutting the goods deficit with China by $4.6 billion to $9.4 billion.