{"id":224048,"date":"2026-01-08T23:27:07","date_gmt":"2026-01-08T23:27:07","guid":{"rendered":"https:\/\/www.newsbeep.com\/nz\/224048\/"},"modified":"2026-01-08T23:27:07","modified_gmt":"2026-01-08T23:27:07","slug":"gold-exports-mask-weakness-in-canadas-broader-trade-picture","status":"publish","type":"post","link":"https:\/\/www.newsbeep.com\/nz\/224048\/","title":{"rendered":"Gold exports mask weakness in Canada\u2019s broader trade picture"},"content":{"rendered":"

Stock image. <\/p>\n

Canada posted a C$583\u202fmillion ($421 million) trade deficit in October, but surging precious metal exports \u2014 mostly gold \u2014 are doing a lot of heavy lifting. Strip those out, and Canada would have a C$8.2\u202fbillion shortfall.<\/p>\n

The gap underscores how the country\u2019s trade fortunes have become more dependent on global demand for bullion.<\/p>\n

\"\"<\/p>\n

Gold prices have jumped<\/a> as investors flock to safe\u2011haven assets due to rising geopolitical uncertainty. The rally is boosting the value of Canada\u2019s precious metal exports, with shipment volumes growing too \u2014 just more slowly than prices. That\u2019s helping steady Canada\u2019s export performance even as US tariffs squeeze Canadian industries and weigh on global growth.<\/p>\n

\"\"<\/p>\n

Strong gold shipments to the UK pushed Canada\u2019s overall exports to non\u2011US countries to new heights in October. The share of Canada\u2019s exports bound for the US fell to a record low, outside of the pandemic period.<\/p>\n

\u201cAs of October, precious metals (unwrought + alloys) made up roughly 13% of Canadian exports,\u201d Bank of Montreal economist Shelly Kaushik said in a note.<\/p>\n

\u201cFor the first time on record (or 1997), that\u2019s more than exports of oil or autos. Those two traditional heavyweights have, of course, been under pressure from lower prices and higher trade tensions, respectively. While Canada\u2019s trade flows will continue to face headwinds amid geopolitical uncertainty, gold will remain a stalwart as long as prices hold up.\u201d<\/p>\n

(By Mario Baker Ramirez)<\/p>\n","protected":false},"excerpt":{"rendered":"Stock image. Canada posted a C$583\u202fmillion ($421 million) trade deficit in October, but surging precious metal exports \u2014…\n","protected":false},"author":2,"featured_media":224049,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[11],"tags":[138,219,111,139,69],"class_list":["post-224048","post","type-post","status-publish","format-standard","has-post-thumbnail","category-economy","tag-business","tag-economy","tag-new-zealand","tag-newzealand","tag-nz"],"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/posts\/224048","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/comments?post=224048"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/posts\/224048\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/media\/224049"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/media?parent=224048"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/categories?post=224048"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/tags?post=224048"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}