Household savings climb nationally as trade uncertainty reshapes provincial fortunes
Trade headwinds reshape the internal economy
International exports fell 1.1 per cent in 2025, led by lower shipments of intermediate metal products – mainly unwrought gold – building materials and industrial machinery, according to Statistics Canada. International imports also declined 0.4 per cent, as purchases of motor vehicles, gold and equipment softened.
Notably, internal trade – commerce between provinces and territories – increased as a share of total trade across the country in 2025, as global uncertainty and the imposition of tariffs reduced Canada’s international trade, particularly with the United States. All provinces and territories saw their internal trade share rise in 2025 relative to 2024, with the exception of Newfoundland and Labrador and Yukon.
This realignment has implications for advisors monitoring sector exposure. Companies with significant US export revenue faced headwinds, while domestically oriented businesses proved more resilient.
Corporate and wage growth: a split picture
Corporate incomes rose 3.2 per cent in 2025, recovering from near-flat 0.3 per cent growth in 2024. Financial corporate incomes jumped 9.7 per cent nationally – primarily on higher chartered bank incomes – with Ontario accounting for approximately 56.8 per cent of the total financial surplus, a share that has remained stable over the past five years, according to Statistics Canada.
Non-financial corporate incomes grew 2.7 per cent, with Nunavut recording the strongest gains as higher gold prices bolstered mining profits, and the Atlantic provinces also posting solid results. Alberta and the Northwest Territories were the only regions where non-financial corporate incomes contracted, reflecting weaker mining-related activity.
