Canada’s trade surplus jumps due to record gold exports

OTTAWA — Canada’s trade surplus soared in February, mainly due to “all-time high” exports of gold, Statistics Canada announced Thursday.

The country’s merchandise trade surplus with the world widened from Can$608 million (USD$451 million) in January to $1.4 billion in February.

Total exports were up 5.8 percent, the largest percentage increase since August 2023, according to the agency.

Much of this increase was driven by a sharp rise in exports of unwrought gold, with exports of metal and non-metallic mineral products rising 31.1 percent in February to a record $9.4 billion.

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Statistics Canada also noted an increase in wheat exports to Asian countries as well as exports of other crops.

Imports rose 4.6 percent, the highest level since June.

Imports of electronic and electrical equipment and parts increased 9.7 percent, driven mainly by an increase in imports of computers and peripherals (up 41.4 percent).

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At the same time, imports of metal and non-metallic mineral products declined slightly.

After falling in January, crude oil imports rebounded.

Canada’s trade surplus with the United States, its main trading partner, widened from $8.8 billion in January to $9.1 billion in February.

At the same time, Canada’s trade deficit with other countries widened to $7.7 billion in February, compared to $8.2 billion in January.