- Prior was -4.94 billion (revised to -3.82 billion)
- Exports $60.58 billion vs $61.86 billion prior
- Imports $66.91 billion vs $66.80 billion prior
- Exports -3.0%
- Imports +0.9%
- Exports year-to-date +0.3% y/y
The revision balances the headline somewhat. Statistics Canada notes that gold was the major driver of variations as exports of unwrought gold, silver, and platinum group metals fell 11.8% in the month, while imports in the same category were up 24.2%. More worrisome is that exports of industrial machinery, equipment and parts were down 9.5% in August while exports of lumber were down 25.4% and down to the lowest since May 2020, amid crippling US tariffs.
The loonie is increasingly being driven by gold and these numbers underscore why.
In terms of US-Canada trade, comparing the first eight months of 2025 with the same period in 2024, exports were down 3.3% while imports were 0.5% lower. That highlights how little the trade war has changed, at least thus far.
