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Canada’s trade swung to a surplus of C$0.15 billion in September 2025 from a C$6.3 billion deficit the month before and well above expectations for a C$4.5 billion deficit, marking the second surplus of the year. Exports rose 6.3% month on month to C$64.231 billion, the largest monthly increase since February 2024 and reversing August’s weakness as nine of 11 product sections posted gains. Metal and non-metallic mineral product exports jumped 22.7% driven by a 30.2% surge in unwrought gold, aircraft and other transportation equipment rose 23.4% and crude oil exports climbed 5.8%. Exports to the US were up 4.6% in September. Meanwhile imports fell 4.1% to C$64.078 billion as metal and non-metallic mineral imports plunged 27.8%, led by a 72.5% drop in unwrought gold after August’s high-value shipments did not repeat. Those flows narrowed deficits with countries other than the US and widened Canada’s surplus with the US from C$6.0 billion in August to C$8.6 billion in September.