Canada August Commercial balance -6.32b vs -5.55b expected

• Prior was -4.94 billion (revised at -3.82 billion)
• Exports of $ 60.58 billion compared to $ 61.86 billion before
• Imported $ 66.91 billion against $ 66.80 billion before
• Exports -3.0%
• Imports + 0.9%
• Exports from year to start + 0.3% in y / y

The revision somewhat balances the title. Statistics Canada notes that gold was the main engine of variations, as metal exports from the Gold, Silver and Platinum Unfinished Platinum fell 11.8% during the month, while imports in the same category increased by 24.2%. More worrying is that exports of industrial, equipment and parts have dropped by 9.5% in August while wood exports were down 25.4% and up to the lowest since May 2020, in the midst of paralyzing American rates.

Huardie is increasingly motivated by gold and these figures emphasize why.

In terms of American-Canada trade, comparing the first eight months of 2025 with the same period in 2024, exports fell by 3.3% while imports was less than 0.5%. This underlines how the trade war has changed, at least so far.