Group 1 - Canada's trade deficit expanded to 31.3 billion CAD last year, marking the largest annual trade deficit since the COVID-19 pandemic [1] - The trade deficit in 2025 is projected to be the largest since data collection began in 1988 [1] - Annual exports from Canada decreased by 0.2%, with most product categories experiencing a decline [1] Group 2 - The strong increase in gold prices masked the true damage caused by the trade war with the United States on Canadian exports [1] - Exports of unrefined gold, silver, platinum group metals, and their alloys surged by 41.7% last year [1] - Excluding this category, Canadian export values would have significantly decreased by 3% [1]

Core Viewpoint - Canada's trade balance has shifted back to a deficit due to a significant increase in imports of computers and electronic products, which outweighed the surge in gold exports to countries outside the U.S. [1] Trade Balance - In October, Canada recorded a trade deficit of 583 million CAD (421 million USD), which was smaller than the market expectation of a 1.5 billion CAD deficit [1] - The proportion of exports to the U.S. fell to 67.3%, the lowest level since data collection began in 1997, excluding pandemic periods [1] Exports and Imports - Exports to the U.S. decreased by 3.4% in October, primarily due to declines in aircraft and gold exports [1] - Overall imports increased by 3.4% in October, driven by record imports of computers and computer parts, including processing units from Ireland [1] - Total exports rose by 2.1%, mainly supported by a 47.4% increase in unrefined gold, silver, and platinum exports, particularly to the UK [1] - Energy exports saw a decline of 8.4% [1]