Canada’s merchandise trade deficit with the rest of the world grew by 6.7 per cent in June, Statistics Canada reported on Tuesday, marking the second-highest deficit on record. (The Logic)

Talking point: The widened gap was driven by imports, which grew by 1.4 per cent to $67.6 billion in June—the first such increase in four months. Statistics Canada attributed the rise largely to a one-time high-value shipment from the U.S. for an offshore oil project in Newfoundland. Excluding those products would show imports down 1.9 per cent in June. Canada’s total exports rose 0.9 per cent in June. That marks the second consecutive monthly increase after a sharp 11.3 per cent drop in April linked to U.S. President Donald Trump slapping broad-based tariffs on Canadian goods, plus others on steel, aluminum and autos. Exports of passenger cards and light trucks were down for the third month. Exports to the U.S. grew 3.1 per cent from May to June, but were down by 12.5 per cent compared to June 2024.