Canada posted a $5.4B goods surplus in September, driven by a modest 0.2% rise in exports…

… with energy (up $1.6B) and mineral products (up $1.1B) carrying the 5.6% decline in all other categories - likely reflecting normalization after some tariff front-running.

The movement in resources drove a 0.7% increase in US exports, growing the trade surplus with our southern neighbour to $12.3B…

… alongside a 0.3% decline in total imports…

… as a second straight month of heavy automotive declines on the back of unplanned production stoppages in the US weighed down other categories…

… like computers and computer peripherals, which are up 53% YTD versus 2025 thanks to data center demand for GPUs.

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