The worsening in Canada’s goods trade balance in August was for all the wrong reasons, with exports falling and imports rising. Admittedly, unwrought gold played a notable role in flows in either direction. But there were still signs of export weakness in other key areas, such as industrial machinery and equipment. Moreover, the country breakdown shows exports to non-US economies have now fallen for three consecutive months, suggesting the government’s efforts to diversify trade partners are yet to bear fruit. This is a growing concern as the Trump administration continues to impose tariffs with little talk of CUSMA-compliant exemptions.
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