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U.S. Trade Gap Shrinks on Record Exports as Canada’s Deficit Widens on Auto, Gold Slump

Volatile precious‑metals flows complicate signals on underlying momentum across both reports.

APM Terminals at the Port of Los Angeles, California, U.S., March 4, 2026. REUTERS/Mike Blake
A drone view shows shipping containers at the Port of Montreal in Montreal, Quebec, Canada April 14, 2025. REUTERS/Carlos Osorio/File Photo
New imported vehicles and the CMA CGM Silverstone car carrier vessel are seen at the Port of Vancouver's Annacis Auto Terminal, in Delta, B.C., on July 11, 2025. THE CANADIAN PRESS/Darryl Dyck

Overview

  • The U.S. deficit narrowed to $54.5 billion in January after December was revised to $72.9 billion, with exports hitting a record $302.1 billion as imports fell 0.7%.
  • Industrial supplies exports rose by $9.4 billion on nonmonetary gold and other precious metals, a lumpy driver that can inflate monthly totals.
  • Capital‑goods trade strengthened, with U.S. exports up $5.4 billion and imports up $3.4 billion to records on computers and telecom equipment linked to AI and data‑center build‑outs.
  • Canada posted a C$3.65 billion merchandise deficit as exports fell 4.7% in January across six of 11 categories, missing a C$900 million deficit expected by analysts.
  • Canadian motor‑vehicle and parts exports dropped 21.2% on prolonged seasonal production stoppages, unwrought gold shipments to the U.K. declined, and energy exports rose 4.1%.