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Canada posted a trade deficit of C$0.51 billion in March 2025, narrowing from the C$1.41 billion shortfall recorded in February. The improvement came as imports declined more sharply than exports, driven by Ottawa’s reciprocal tariffs in response to new U.S. levies, as well as a voluntary boycott of U.S. products by Canadian retailers and households. Imports fell by 1.5% to $70.4 billion, the first decline since September, amid drops in metal and non metallic mineral products (-15.8%) and energy products (-18.8%). Imports from the US fell by 2.9% as Canada placed a 25% tariff on US goods, including metals, on March 13th. In turn, exports fell by 0.2% from the previous month to $69.9 billion. Exports to the US sank by 6.6% amid their tariffs on Canadian goods, although this was offset by a 24.8% surge in sales countries excluding the US. Sales were lower for metal and non-metallic mineral products (-3.2%) amid US tariffs on the sector, while sales also fell for consumer goods (-4.2%).