Canadian exports to U.S. continue to drop, reach one of lowest proportions on record
Amid a protracted trade war, Canadian exports to the United States are at one of the lowest proportions on record, while exports to other countries have reached a record high, according to the latest numbers from Statistics Canada.
Data show Canadian exports to the U.S. have decreased for the fourth consecutive month, seeing a 0.9 per cent drop in May. The average share of total Canadian exports to the U.S. is also down, from 75.9 per cent last year, to 68.3 per cent in May, a near-record low.
Imports from the U.S. have also been on the decrease for the third consecutive month.
The shifts come amid an ongoing trade war with the United States, which began in February when President Donald Trump began implementing a series of significant and stacked tariffs on Canadian goods.
A slate of Canadian countermeasures is also in place, while the self-imposed deadline to reach a new economic and security deal is fast approaching. Following the G7 summit in Kananaskis, Alta., last month, a readout from a meeting between Trump and Prime Minister Mark Carney stated the two leaders are working toward an agreement by July 21.
Prime Minister Mark Carney, meanwhile, has pledged to diversify Canada's trade markets, in part to insulate the economy from the effects of Trump's tariffs, and also to find ways to reduce reliance on the United States.
According to Statistics Canada data from May, Canadian exports to countries other than the U.S. increased by 5.7 per cent, a record high.
Those came largely in the form of higher unwrought gold exports to the United Kingdom, crude oil to Singapore, and unwrought aluminum and pharmaceutical products to Italy, offset by lower canola and crude oil exports to China, according to the government agency.
With files from CTV News' Rachel Aiello
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