🇨🇦 Canada’s Gold Exports to Non-US Countries Hit Record High
Canada’s merchandise exports to countries outside the U.S. reached a record level largely due to rising gold shipments.
1) What’s new:
• Canada’s exports to non-U.S. markets jumped to an all-time high, led by strong gold shipments, especially to the UK.
• Total exports rose 2.1% in October, while imports increased faster, resulting in a C$583 million trade deficit—smaller than expected.
• Demand for precious metals (gold, silver, platinum) surged, with unwrought gold exports up sharply year-over-year.
2) Key figures:
• Trade deficit: C$583 million (October).
• Exports to non-US countries: record high on gold and oil demand.
• Share of exports to U.S.: fell to the lowest level outside the pandemic era, as Canada diversifies trade.
3) What it means:
• 📈 Diversifying trade: Canadian companies are reducing reliance on the U.S. market amid tariffs and seeking stronger ties with other global partners.
• 🥇 Gold’s role: Surging precious-metal exports are a key driver of export growth, reflecting higher prices and volume increases.
• 🌍 Global demand trends: UK and other non-US markets are absorbing more Canadian commodities, helping rebalance trade flows.
4) Expert insight:
Canada’s export profile is shifting toward global diversification, with gold emerging as a standout performer supporting trade figures and helping partially offset slowing U.S. shipments.
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