Canada trade surplus falls to C$769m before US tariffs

Canada's trade surplus fell to C$769 million (US$558 million) in July from C$4.2 billion (US$3.1 billion) in June, Statistics Canada said Thursday, as oil and precious metals prices declined.

Exports to the United States fell 6.6% in July, which the agency said was the strongest percentage decrease since April 2025. Canada's trade surplus with the United States fell to C$5.9 billion from C$10.3 billion in June.

The figures cover July, before US tariffs of up to 50% threatened by President Donald Trump came into force. Canada has announced retaliatory measures set to take effect next week.

Trade talks between the United States and Canada broke down late last month. Ottawa has also urged consumers to prioritize Canadian products.