Canadian exports to the US, as a percentage of all exports from the country, have fallen to their lowest level since May 2020, according to new trade data.
About 67pc of Canadian goods were exported to the US in October, down from nearly 73pc in October 2024, Statistics Canada said on Thursday.
Canadian exports to the US peaked at a 79pc share in February, but that is likely a consequence of hurried trade occurring before tariffs threatened by US president Donald Trump were to take effect. Canada was among Trump's first targets upon taking office earlier this year, prompting politicians and Canadians at large to reexamine their trade relationship with their neighbour to the south and deepen trade relationships elsewhere.
Prime minister Mark Carney wants to double Canada's non-US exports over the course of the next decade.
Exports to the US fell to C$44bn ($36bn) in October, down from C$47bn in the same month 2024. Canada meanwhile imported C$39bn worth of goods from the US in October, down from just under C$41bn a year earlier.
Canada's resulting trade surplus with the US shrank to C$4.8bn from C$6.7bn across the same period.
Higher oil exports to China, and less to the US, contributed to this change. Canada also exported more gold with Statistics Canada highlighting the UK as a key destination.
Canada's exports to the UK rose by 91pc across the same period to C$5.9bn, while exports to both the European Union and China rose by about 18pc to C$4.2bn and C$3.3bn, respectively.
On a year-to-date basis, Canada exported C$467bn worth of goods to the US through the first 10 months of 2025, lower by 4pc compared to the same period in 2024.
