加拿大2025年贸易逆差扩大至313亿加元，创近年最高水平

Core Insights - Canada's trade deficit for 2025 is projected to reach 31.3 billion CAD, marking the highest annual deficit since 1988, excluding the pandemic year of 2020 [1] - Overall exports from Canada are expected to decline by 0.2% year-on-year, with most product categories experiencing varying degrees of decline [1] - The strong performance of precious metals, particularly unrefined gold, silver, and platinum group metals, has somewhat masked the true impact of trade tensions on Canadian exports, with this category seeing a significant increase of 41.7%. Excluding this category, the actual decline in exports would be 3% [1] Trade Relations - The trade relationship between Canada and its largest trading partner, the United States, has been notably disrupted, with Canadian exports to the U.S. decreasing by 5.8% and imports from the U.S. down by 2.9% [1] - This reciprocal contraction has led to a reduction in Canada's trade surplus with the U.S. from 101.3 billion CAD in 2024 to 81.6 billion CAD in 2025, a decrease of nearly 20% [1] Monthly Data - In December 2025, Canada's exports amounted to 65.63 billion CAD, while imports were 66.93 billion CAD, resulting in a trade deficit of 1.31 billion CAD, which is a narrowing from the 2.2 billion CAD deficit recorded in November [1]