Canada's trade deficit reaches a historic high of CAD 31.3 billion by 2025

Last year, Canada's trade deficit expanded to $31.3 billion, the largest annual trade deficit record outside of the COVID-19 epidemic, and the highest since data records began in 1988. The imposition of tariffs by the United States has dealt a heavy blow to Canada's major export industries, resulting in a 0.2% decrease in annual exports and a decline in exports for most product categories. The export volume of unprocessed gold, silver, platinum group metals and their alloys surged by 41.7%, and the rise in gold prices masked the actual impact of the trade war on exports. If this category is excluded, Canada's export value will decrease by 3%.