The trade picture for May shaped up as expected, with the fourth straight monthly deficit of $5.9B improving slightly versus April’s record $7.6B…

… thanks to continued momentum in gold exports (up 30% M/M)…

… and a slowdown in gold and vehicle imports (down 40% and 10%, respectively).

The U.S. trade situation continued to weigh on exports south of the border, which posted their fourth straight M/M drop as did America’s share of total trade with Canada (down from nearly 70% in 2024 to 63% today)…

… but non-U.S. exports continue to pick up slack, with May’s $19B breaking last month’s record driven mainly by increased activity in the UK - Carney’s relationships appear to be paying off.