Canada’s metals and mineral products hit $15.3 billion in exports in March 2026 — a 24% year-over-year increase and an all-time monthly record — as a surge in gold shipments to the United Kingdom narrowed the gap with energy, which remained the top export category at $17.1 billion.
The dominant driver was a 37.7% surge in unwrought gold, silver, and platinum group metal exports to the UK, consistent with London’s role as the global hub for physical gold settlement through the London Bullion Market Association.
Statistics Canada noted that gold market prices fell during March itself — meaning the record was driven by a volume surge in physical shipments rather than a price spike. Gold had surged above $5,400 per ounce in January and February following the outbreak of the US-Israeli war with Iran, building a safe-haven premium that primed demand.
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By early May, it had retreated to approximately $4,715 per ounce — roughly 15% below its January peak — raising questions about whether the March record can be sustained. In real terms, total Canadian exports edged down 0.3% in March even as nominal values surged 8.5%.
Global Affairs Canada reported goods exports to countries other than the US reached a record $24.3 billion in March, driven by gold and crude oil — directly relevant to the Carney government’s goal of doubling non-US exports within the decade, though the record owes more to elevated commodity prices than to new trade relationships or expanded productive capacity.
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Energy posted its own strong month, with US exports climbing 8.3% on crude oil prices tied to the Hormuz blockade. For Q1 2026, energy led export gains at 13.8%, metals and minerals at 11.6%. Total exports rose 3.5% in the quarter — the third consecutive quarterly increase — though real export volumes fell 0.6%, with price doing most of the work.
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Natural Resources Canada data shows the minerals sector accounted for 21% of all Canadian merchandise exports in 2024, before gold’s war-related surge. Canada’s trade performance remains heavily tied to commodity price cycles — without expanded pipeline capacity and new non-US trade channels, high commodity prices generate windfall revenues but not durable export diversification.
Canada’s merchandise trade balance returned to positive territory in March for the first time since September 2025, swinging from a $5.1 billion deficit in February to a $1.8 billion surplus.
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