Canadian goods exports fell 2.3% month-over-month to C$76.1 billion in July 2026, marking the lowest level since March and the first decline in six months. Decreases were recorded in 7 of the 11 product sections. Exports of metal and non-metallic mineral products fell 8.5% following a 15.8% increase in June, driven by a 13.1% drop in unwrought gold, silver and platinum group metals and their alloys. The decline reflected lower purchases of Canadian-held gold by foreign residents and fewer shipments to the US, while lower prices also weighed on export values. Energy product exports fell 4.4%, marking a third consecutive monthly decline, led by a 5.6% drop in crude oil exports as both prices and volumes decreased. Natural gas exports fell 14.0% after two consecutive monthly increases. Exports to the US declined 6.6%, the sharpest drop since April 2025, due mainly to lower crude oil and gold shipments. Meanwhile, exports to countries other than the US rose 7.4% to a record C$25.6 billion.