Canada posted a trade surplus of $5.35-billion in September, the highest since May 2022, data showed on Wednesday, helped by gold and higher energy exports primarily to the United States.

Higher shipments of these two categories south of the border increased exports to the U.S. by 0.7 per cent, widening Canada’s trade surplus with its biggest trading partner to $12.3-billion, from $12.1-billion in August, Statistics Canada said.

This took Canada’s share of exports to the U.S. past 70 per cent for the first time 13 months.

Excluding gold and energy, exports in September dropped 5.6 per cent as a set of new tariffs imposed by U.S. President Donald Trump hurt Canadian exports.

The volume of exports were down 4 per cent.

Analysts polled by Reuters had forecast a trade surplus of $4.1-billion in September, slightly down from an upwardly adjusted $4.95-billion in August.

The monthly goods trade number is an important indicator of how Canadian exporters are faring and adapting after months of U.S. tariffs. It also shows how the war in Iran has helped Canadian export revenues as crude oil and product prices have risen.

Exports of metal and non-metallic mineral products increased 8.6 per cent in September, led by exports of unwrought gold which surged 16.8 per cent and contributed the most to the monthly gain. Exports of energy products jumped by 8.2 per cent.

Statscan said that many export categories such as consumer goods, electronic and electrical equipment and parts and industrial machinery showed significant decreases as these were hit by Trump’s new tariffs.

Trump, whose Republican party lost control of both the chambers of Congress in Tuesday’s mid-term elections, slapped a set of new tariffs on Canadian exports after trade talks collapsed this summer.

However, this week both the countries indicated that talks for a renewed trade deal have intensified.

Total imports dropped 0.3 per cent in September led by motor vehicle and parts and consumer goods.

Exports to countries other than the United States fell 1.1 per cent in September while imports dropped 1.4 per cent, Statscan said.