Canada's exports to the US fall to their lowest share outside of the pandemic period

Canada’s trade surplus narrowed significantly in July, due to a decline in exports of gold and energy, causing the proportion of exports to the US to fall to its lowest level since 1997 (excluding the period during the COVID-19 pandemic). Data released by Statistics Canada on Thursday showed that Canada’s exports to the US fell by 6.6% in July, marking the largest monthly decline since April 2025. The overall proportion of Canadian exports flowing to the US dropped to 66.3%.