08:53 AM EDT, 06/05/2025 (MT Newswires) -- Canada's trade deficit ballooned to the largest level on record in April, at $7.1 billion, as exports plummeted amidst higher United States tariffs, said CIBC after Thursday's release of the data.

The 11% month-over-month drop in outbound shipments was led by a 17% decline in autos and parts, with total shipments to the U.S. down for a third consecutive month, by 16% in April, relative to a 3% increase in exports to other countries.

Although there was a surge in exports to the U.S. ahead of the imposition of tariffs, this still leaves total exports at the lowest level seen since mid-2023, noted the bank.

Shipments of consumer goods and energy products were also down sharply, with the latter due partly to lower oil prices.

Trade with countries other than the U.S. reached a record high, with shipments to China and the United Kingdom up strongly, and imports from countries outside of the U.S. reaching an all-time high, although total imports dropped off by 3.5% month over month in April due to lower inbound shipments from the US, added CIBC.