Canada's trade surplus fell to 769 million Canadian dollars in July, down from 4.2 billion
Canadian exports dropped while imports rose, marking the lowest trade balance in four years as companies brace for new US tariff impacts.
The Canadian trade surplus shrank significantly during July, dropping to 769 million Canadian dollars ($557 million). This figure represented a steep decline from June, when the surplus stood at 4.2 billion Canadian dollars, a level not seen in four years. Economists surveyed by Reuters previously forecast a surplus of 3.57 billion Canadian dollars. Exports decreased by 2.3 percent while imports increased by 2.2 percent, resulting in a fifth consecutive month where Canada recorded a trade deficit despite ongoing trade tensions with the United States under President Donald Trump. The Canadian Trade Department cited lower energy and metal exports alongside rising import volumes as key drivers of this drop. Companies preparing for new American tariffs now face a projected additional tax of 50 percent on their goods.
