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Canada's trade deficit in January widened, missing consensus estimates
Canada's merchandise exports fell 4.7% in January, driven by a 21.2% drop in motor vehicle shipments, causing the trade deficit to nearly triple to C$3.65 billion, Statistics Canada said.
- Statistics Canada announced on March 12, 2026 that Canada posted a trade deficit of C$3.65 billion in January, nearly three times December's C$1.3 billion as exports fell more than imports.
- Motor vehicle production stoppages caused motor vehicle and parts exports to drop 21.2% to $5.4 billion, while metal product exports fell 8% due to lower unwrought gold shipments to the United Kingdom.
- Across product categories, data show total exports fell 4.7% to $62.5 billion, while in volume terms exports declined 5.8% and total imports dropped 1.1% to $66.1 billion with decreases in seven out of 11 product categories.
- Analysts had forecast a C$900 million deficit, but StatsCan reported C$3.65 billion, narrowing the C$5.4 billion trade surplus with the U.S. to that amount.
- Economists say in the coming months Canada’s trade could benefit from higher crude oil prices, with energy exports rising 4.1% and the United States accounting for 68% of exports.
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19 Articles
19 Articles
Canada's trade deficit increased to $3.6 billion in January, according to Statistics Canada; motor vehicle exports are declining.
·Montreal, Canada
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Canada's trade deficit increased in January, from $1.3 billion in December to $3.6 billion, the highest in five months.
·Montreal, Canada
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The Toronto Star+7 Reposted by 7 other sources
StatCan reports merchandise trade deficit $3.6B in January
OTTAWA - Statistics Canada says the country's merchandise trade deficit increased to $3.6 billion in January as exports of motor vehicles and parts fell to their lowest level since September 2021.
·Toronto, Canada
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Coverage Details
Total News Sources19
Leaning Left6Leaning Right0Center5Last UpdatedBias Distribution55% Left
Bias Distribution
- 55% of the sources lean Left
55% Left
L 55%
C 45%
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