Canada continues to slowly chip away at our reliance on exports to the U.S.
In June, Canada’s exports to countries other than the U.S. rose 0.7%, while exports to the U.S. rose 0.3%.
For the month, Canada’s merchandise exports rose 0.4%, while imports rose 0.2%.
The June figures were impacted by the depreciation of the Canadian Dollar, as noted by Statistics Canada.
“In June, the average value of the Canadian dollar decreased by 1.7 cents US compared with May. This was the largest monthly decrease since October 2022. When expressed in US dollars, Canadian exports decreased 2.0% in June 2026, while imports were down 2.1%.”
This can also go the other way, as was the case in December of 2025 when the Canadian Dollar appreciated 1.3%, resulting in exports appearing lower in Canadian Dollars.
In Q2 as a whole, the numbers for Canada were quite positive, with exports rising 13.1% largely due to higher energy prices. Imports rose 4.2% in Q2.
The growth of Canada’s non-U.S. exports follows a notable decline in Canada-U.S. trade as a share of total Canadian trade:
“The proportion of Canada’s merchandise exports to the United States fell from 75.9% in 2024 to 71.7% in 2025. Meanwhile, the share of Canada’s merchandise imports from the United States decreased from 62.3% in 2024 to 58.8% in 2025.”
While Canada-U.S. trade remains significant, we are seeing clear evidence that it is possible for Canada to simultaneously reduce our reliance on the U.S. and grow our economy, even in the face of relentless tariffs and instability generated by the Trump Administration.
Spencer Fernando
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