Canada's exports to non-US countries hit record on gold
Canada’s merchandise trade balance swung back into deficit as imports of computers and electronics outweighed a spike in gold exports to non-US countries.
The trade shortfall hit C$583-million ($421-million) in October, according to Statistics Canada data released Thursday. Economists surveyed by Bloomberg expected a larger deficit of C$1.5-billion.
Imports were up 3.4% as the country brought in record shipments of computers and computer parts, including processing units from Ireland, the agency said. Smart phones, precious metals, and industrial machinery and equipment also drove the increase.
Total exports rose 2.1%, driven by gold shipments, specifically to the UK. Unwrought exports of the precious metal, as well as silver and platinum, jumped 47.4% in October. Energy exports fell 8.4%.
“Higher gold prices have largely been behind this recent growth, but volumes were also up, increasing by nearly 40% in October 2025 on a year-over-year basis,” the agency said.
Stripping away prices, exports fell 0.4% and imports rose 2.6% on a volume basis.
Under President Donald Trump, the US has put major tariffs on imports of Canadian goods. Autos, lumber and steel and aluminium face particularly heavy levies, limiting exports of these shipments across the border.
On a year to date basis, export volumes were up just 0.8% in the first ten months of 2025 compared to the previous year, capturing the extent to which the ongoing trade war has crimped activity.
The value of Canada’s exports with the US as share of total exports fell to 67.3%, the lowest level on record outside the pandemic, in data going back to 1997. Shipments south of the border fell another 3.4% in October, driven by falling exports of aircraft and gold.
At the same time, many products are exempt from tariffs through the free trade agreement between Canada, the US and Mexico, leaving Canada with an effective tariff rate of between 5 and 7%, according to economist estimates.
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