Canada’s exports to countries other than the United States climbed 5.8% in December to an all-time high, capping a year in which non-US shipments surged 17.2% annually, Statistics Canada reported Thursday.
Unwrought gold shipments to the United Kingdom led December’s monthly advance.
Related: Canada’s Exports to UK Surge $9.7B, Driven Almost Entirely by Gold | the deep dive
Sponsored · Nord Precious Metals
The annual figure drew attention from trade economists. “The important thing to look at is our exports to countries other than the US, and that surged 17% in 2025,” said Stuart Bergman, chief economist at Export Development Canada, in a Reuters report. “That is the story of the resilience of Canadian exports.”
There is, however, an asterisk. Statistics Canada data show that, excluding unwrought gold, silver, and platinum group metals — a category that jumped 41.7% in 2025, annual exports fell 3% for the year. Seven of 11 product categories posted annual declines, and total merchandise exports edged down 0.2% overall in 2025.
The US share of Canada’s total exports fell from 75.9% in 2024 to 71.7% in 2025 — a trend Bergman described as more likely structural than a one-month anomaly. In December alone, the US absorbed just 67.4% of Canadian exports, compared with 76.2% a year earlier.
Related: Canadian oil headed to non-US countries surge, China leads
Non-US imports fell 3% in December, narrowing Canada’s trade deficit with the rest of the world to C$7 billion from C$9 billion in November.
The broader annual picture remained difficult. Canada’s full-year 2025 trade deficit widened to C$31.3 billion — the largest shortfall on record outside of the pandemic — as US tariffs weighed on key export sectors and exports to the US tumbled 5.8% for the year.
Canada’s merchandise trade surplus with the US narrowed to C$81.6 billion in 2025, down from C$101.3 billion in 2024.
Total merchandise trade activity between Canada and non-US countries rose 14.3% in 2025, reaching C$553 billion, up from C$484 billion in 2024 — a sign of expanding trade ties even as the overall deficit with the rest of the world widened to C$112.9 billion from C$108.4 billion the prior year.
Information for this story was found via Statistics Canada, Reuters, Bloomberg, and the sources and companies mentioned. The author has no securities or affiliations related to the organizations discussed. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.
