Canada Posts Widest Trade Deficit on Record Outside of Covid (2)

Canada’s trade deficit last year widened to C$31.3 billion ($22.9 billion), marking the largest annual shortfall on record outside of the Covid-19 pandemic, as US tariffs hammered key export sectors.

Annual exports last year decreased by 0.2%, driven by declines across most product groups, Statistics Canada reported on Thursday. Exports to the US tumbled 5.8%.

A strong run-up in gold prices has masked the true damage of the trade war. Canadian exports of unwrought gold, silver and platinum group metals and their alloys increased by a whopping 41.7% last year. Excluding this category, exports fell 3%.

The annual international merchandise ...