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Canada’s exports slipped 0.2% month-over-month to CAD 69.9 billion in March 2025, following a sharp 5.4% drop in February and hitting the lowest level since November. The latest decline aligns with the implementation of new US tariffs on Canadian goods. Exports to the US fell by 6.6%, but this was nearly offset by a 24.8% rebound in shipments to non-US markets. Notable gains included exports to the UK (crude gold), the Netherlands and Hong Kong (crude oil), and Germany (miscellaneous goods). On a sectoral basis, six of eleven product categories declined, with consumer goods (-4.2%), meat products (-10.8%), pharmaceuticals (-7.0%), and energy products (-2.2%) among the largest drags.