BREAKING: Canada’s current account deficit surged by C19.84 billion, to a record C21.16 billion in Q2 2025. The current account measures international transactions, including trade in goods and services, income flows, and cross-border investments. Goods exports dropped -13.1% to their lowest since 2021. Canada’s trade deficit in goods widened to a record C19.60 billion. This was primarily driven by a reduction in shipments to the US, the country’s largest trading partner. Canada is seeing record net outflows of capital.(The Kobeissi Letter)