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.
Article Enquiry
Email Article
Save Article
Feedback
To advertise email advertising@creamermedia.co.za or click here
Research Reports
Projects
Latest Multimedia
Latest News
Showroom
For over 60 years, VEGA has provided industry-leading products for the measurement of level, density, weight and pressure. As the inventor of the...
VISIT SHOWROOM
Columbus Stainless, based in Middelburg, Mpumalanga, is Africa’s only producer of stainless steel flat products. In addition, Columbus is the only...
VISIT SHOWROOM
Press Office
Announcements
What's On
Subscribe to improve your user experience...
Option 1 (equivalent of R125 a month):
Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format
Option 2 (equivalent of R375 a month):
All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors
including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.
Already a subscriber?
Forgotten your password?
Receive weekly copy of Creamer Media's Engineering News & Mining Weekly magazine (print copy for those in South Africa and e-magazine for those outside of South Africa)
➕
Recieve daily email newsletters
➕
Access to full search results
➕
Access archive of magazine back copies
➕
Access to Projects in Progress
➕
Access to ONE Research Report of your choice in PDF format
RESEARCH CHANNEL AFRICA
R4500 (equivalent of R375 a month)
SUBSCRIBEAll benefits from Option 1
➕
Access to Creamer Media's Research Channel Africa for ALL Research Reports on various industrial and mining sectors, in PDF format, including on:
Electricity
➕
Water
➕
Energy Transition
➕
Hydrogen
➕
Roads, Rail and Ports
➕
Coal
➕
Gold
➕
Platinum
➕
Battery Metals
➕
etc.
Receive all benefits from Option 1 or Option 2 delivered to numerous people at your company
➕
Multiple User names and Passwords for simultaneous log-ins
➕
Intranet integration access to all in your organisation
