Nearly one-fifth of businesses experience an increase in sales of Canadian products
In the third quarter, nearly one-fifth (16.0%) of businesses experienced an increase in sales of Canadian products over the past six months. This was led by businesses in retail trade (40.7%), wholesale trade (33.1%) and accommodation and food services (30.2%). At the same time, just over one-fifth (20.8%) of businesses changed their marketing practices over the past six months to promote Canadian products.
Source: Canadian Survey on Business Conditions, third quarter 2025
Significant decline in exports of goods as tariffs slow trade with the United States
Following a 0.5% gain in the first quarter, real gross domestic product declined 0.4% in the second quarter, driven by significant declines in the export of goods, as well as decreased business investment in machinery and equipment. Exports declined 7.5% in the second quarter after increasing 1.4% in the first quarter. International exports of passenger cars and light trucks plummeted 24.7% in the second quarter. Exports of industrial machinery, equipment and parts (-18.5%) and travel services (-11.1%) also declined. International imports declined 1.3% in the second quarter, after rising 0.9% in the previous quarter.
Source: Gross domestic product, income and expenditure, second quarter 2025
Goods and services deficit widens to record high
Canada's current account deficit (on a seasonally adjusted basis) widened by $19.8 billion in the second quarter to reach an unprecedented $21.2 billion. The trade in goods deficit increased by $19.1 billion to a record high of $19.6 billion as exports recorded a much larger decline than imports. Declines in exports of goods were widespread and coincided with the implementation of new US tariffs on Canadian goods, as well as a sharp appreciation of the Canadian dollar against the United States dollar in the second quarter.
Source: Canada's balance of international payments, second quarter 2025
The proportion of workers commuting to a workplace outside the home continues to rise
The proportion of employed people who are commuters—that is, who usually work most of their hours outside their home—rose for the fourth year in a row to reach 82.6% in May, up 1.3 percentage points from May 2024. In May 2025, 5.1% of workers were commuters who usually worked some hours from home, up slightly from May 2024 (4.8%) and the third consecutive increase since May 2022 (2.6%).
Source: Number of Canadian commuters increases for fourth straight year in 2025
Workers laid off from high-emission industries fare worse economically than their counterparts from other industries
As Canada, like other countries, transitions towards a net-zero greenhouse gas emission economy, the jobs and earnings of workers employed in high-emission industries may be impacted. In the year following layoffs, real earnings of Canadian workers displaced from high-emission industries over the 2005-to-2013 period decreased by 73% relative to their pre-displacement earnings. This compares with a decrease of 67% for Canadian workers from other industries.
Source: Economic and Social Reports, August 2025
Impact of the Trans Mountain pipeline expansion on crude oil
In the 12-month period since the opening of the expansion in May 2024, average pipeline movements of crude oil and equivalent products from Alberta to British Columbia increased more than fivefold (+449.9%) compared with the 12 months before the opening, reaching a series high of 2.8 million cubic metres in March 2025. According to Canadian International Merchandise Trade statistics, within the first 12 months of the pipeline opening, total crude oil volumes exported through British Columbia surged by more than sixfold. The United States remained the primary destination, even as it fell to 51.9% from May 2024 to April 2025 compared to 100.0% in the previous 12 months.
Source: The Trans Mountain pipeline is delivering
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