Friday, September 12, 2025

Latest

Canada’s Trade Deficit Tightened in November Following Surge in Gold Shipments

As the demand for precious metals continues to accelerate amid the pandemic, Canada was able to narrow its trade gap in November. Higher exports of gold, mainly to the United Kingdom, narrowed the country’s trade deficit to $3.3 billion.

According to data released by Statistics Canada on Thursday, Canada’s trade deficit edged down from $3.7 billion in October to $3.3 billion in November. Although there have been numerous increases and decreases throughout the duration of the pandemic, the rate of change in trading activity actually slowed down in November, as total trade inched up a mere 0.1%, amounting to the smallest increase in 2020.

Nonetheless, total exports rose by 0.5% to $46.8 billion, but still remain approximately $1.5 billion below February’s pre-pandemic levels. Despite the growth though, 7 out of 11 product categories experienced some form of decline, with the exception of metal and non-metallic mineral products, which increased by 11.6% in November. Exports of unwrought gold, silver and platinum group metals and their alloys rose by 25.8%, largely due to the surge in exports of refined gold to the UK, as sales of cast gold bullion bars and gold transfers within the banking system soared.

Exports of metal ores and non-metallic minerals grew by 26% in November, while exports of copper ores and iron ores soared by 84.6% and 26%, respectively. Even amidst the pandemic, market conditions have been favourable for Canada’s producers of iron and copper ores throughout 2020. As a result, the month of November saw an abnormal increase in exports of such commodities, resulting in levels that surpassed 2019 totals.

However, the increases were partly offset by decreased exports of motor vehicles and parts, which dropped by 4.1% in November. Likewise, exports of forestry products and building and packaging materials also suffered a decline of 6.2%, largely due to lower exports of lumber. The decline in Canada’s lumber exports were the result of reduced prices, which, after several months of increases, finally stabilized in October, and then declined in November.

In the meantime, total imports declined for the first time in five months by 0.3% to $50.1 billion in November, but still remained above pre-pandemic levels. Imports of industrial machinery, equipment and parts declined by 3.9%, while imports of metal ores and non-metallic minerals also dropped by 11%. However, the declines were partially offset by increased imports of aircraft and other transportation equipment and parts, which rose by 16.2%, after Canada imported two new airliners from Ireland.

The divergence between Canada’s trade with the US versus trade with other countries also continued its trend into November. Total trade with the US declined by 1% to $63.8 billion, the lowest level since June, while trade with other countries grew by 2.1% to $33.1 billion. Exports to the US fell by 2.2% during the month, while imports edged up by 0.3%. The smaller disparity caused Canada’s trade surplus with the US to narrow from $3.1 billion in October to $2.3 billion in November.


Information for this briefing was found via Statistics Canada. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.

Video Articles

Avino Q2 Earnings: Steady As She Goes

MEG Energy: Cenovus Comes In With $7.9 BILLION Offer

Orla Mining Q2 Earnings: Musselwhite Changes Everything

Recommended

Northern Superior Expands Philibert With 350 Metre Step Out Testing 1.10 g/t Gold Over 25.5 Metres

Goliath Resources Hits 18.58 g/t Gold Over 5.00 Metres At Surebet

Related News

Renforth Resources, Radisson Mining Of Interest Following QMX Gold Transaction

On January 21, Eldorado Gold Corporation (TSX: ELD) announced an agreement to buy QMX Gold...

Saturday, January 30, 2021, 02:30:00 PM

Novo Resources Receives Conditional Approval To Uplist To TSX

Novo Resources (TSXV: NVO) this evening announced that it has received conditional approval to move...

Thursday, December 17, 2020, 05:46:31 PM

Kingman Minerals Reports Second Sampling Results For Rosebud Gold Mine

Kingman Minerals (TSXV: KGS) this morning announced the second sampling results from its Rosebud Mine,...

Tuesday, May 19, 2020, 09:19:34 AM

New Found Gold Hits 13.8 Metres of 28.4 G/T Gold At Keats Zone

New Found Gold (TSXV: NFG) this morning released the latest results from the ongoing drill...

Thursday, February 11, 2021, 08:26:30 AM

Gold Lion Concludes Phase One Trenching Program At Robber Gulch

Trenching has been completed at the Gold Lion Resources (CSE: GL) Robber Gulch property near...

Thursday, November 12, 2020, 09:28:12 AM