Canada’s trade deficit surged to $5.7 billion in February

One of the biggest drivers behind the spike in imports was gold. Canada imported significantly more unwrought gold, much of it from the United States.

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Canada’s trade deficit showed no signs of being on the mend in February, according to new data from Statistics Canada, as imports grew faster than exports.

In February 2026, Canada’s trade deficit increased to $5.7 billion, up from $4.2 billion in January. This marks the largest gap since August 2025.

A trade deficit happens when a country buys more goods from other countries than it sells. It means more money is leaving the country than coming in through trade.