Canadian exports to the U.S. fell by 6.6% month-over-month in July, the largest monthly decline since April 2025, according to data released by Statistics Canada on Thursday. The share of exports to the U.S. in total exports dropped to 66.3%, a new low since 1997. The decline was primarily driven by lower gold and energy exports, with non-monetary gold, silver, platinum, and their alloys exports decreasing by 13.1%, and energy exports falling by 4.4% for the third consecutive month. Overall, Canada's exports to the world decreased by 2.3%, while imports rose by 2.2%, narrowing the trade surplus to C$769 million (approximately US$557 million).