Canada’s share of exports destined for the US shrank to the smallest proportion since at least 1997, excluding the Covid pandemic, while shipments to other countries reached a new high.

Helped by volatile gold shipments, the May deficit was down from a record in April and continued to reflect fluctuating tariff policy in Canada’s biggest trade partner and neighbor.

Canada's trade deficit in May narrowed after a record-breaking deficit in April as total exports rose and imports fell even as the impact of U.S. tariffs dented shipments south of the border, data showed on Thursday.