Canada's trade deficit widened significantly in 2025 as its dependence on the US declined.

Data released by Statistics Canada on the 19th showed that in 2025, Canada's merchandise trade deficit widened significantly to C$31.3 billion (about 1 US dollar equals C$1.37), hitting the largest deficit record since 2020.

This is Canada's third consecutive year of trade deficit. In 2023 and 2024, the country's trade deficits were C$933 million and C$7.2 billion respectively.

In terms of exports, Canada's total export volume in 2025 decreased slightly by 0.2%. Among the 11 major product categories, 7 categories saw a decline in exports. Among them, energy products had the largest decline due to the falling prices. At the same time, the export of precious metals increased strongly, partially offsetting the impact of the decrease in exports of other products. If precious metals are excluded, Canada's annual export volume fell by 3%.

In terms of imports, Canada's total import volume in 2025 increased by 2.8%. The growth mainly came from metal ores and non-metallic minerals, electronic and electrical equipment and components, as well as consumer goods.

It is worth noting that Canada's trade dependence on the United States decreased significantly in 2025. Exports to the United States decreased by 5.8%, imports decreased by 2.9%, and the trade surplus with the United States narrowed from C$101.3 billion in 2024 to C$81.6 billion.

In contrast, Canada's trade performance with non-US trading partners was strong. In 2025, Canada's exports to non-US trading partners increased by 17.2%, and imports increased by 12.4%. (Xinhua News Agency  Responsible Editor: Wang Mengmeng)