Overview

• Statistics Canada said exports fell 3.0% in August while imports rose 0.9%, widening the merchandise gap to C$6.32 billion.
• Exports to the United States declined 3.4% to C$44.18 billion, led by a pullback in unwrought gold and weaker lumber, machinery and equipment.
• Canada’s deficit with non-U.S. partners hit a record C$12.8 billion as imports from the rest of the world rose 4.2% and exports fell 2%.
• Sectoral declines were broad, including unwrought gold down 11.8%, industrial machinery down 9.5%, and forestry products down 10.1%, with lumber plunging 25.4% after tariff increases.
• Prime Minister Mark Carney meets President Donald Trump today to seek tariff relief, though expectations for a major breakthrough are low.