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4h ago

Gold-Driven Imports Push Canada's Trade Deficit to C$5.74 Billion

The U.S. share of Canadian exports slipped to just over 66%, signaling a broader shift toward other buyers.

Shipping containers are shown stacked together on Terminal Island at the port of Los Angeles in Los Angeles, California, U.S., February 24, 2026. REUTERS/Mike Blake/File Photo
A drone view shows shipping containers and transport trucks at the Port of Montreal in Montreal, Quebec, Canada April 14, 2025. REUTERS/Carlos Osorio
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The US trade deficit widened by 4.9 percent in February, government data shows

Overview

  • Statistics Canada reported Thursday that February's merchandise deficit rose to C$5.74 billion as imports jumped 8.4% to a record C$72.1 billion and exports rose 6.4% to C$66.31 billion.
  • A 45.6% surge in metals and mineral products led the import spike, with large gold purchases counted as imports when ownership shifts to Canadian buyers even if the metal does not cross the border.
  • Excluding unwrought precious metals, imports still rose 5.8% and exports climbed 5.5%, which shows gold trades magnified an underlying pickup rather than creating it alone.
  • Canada's surplus with the United States fell to C$1.7 billion from C$4.9 billion in January, and the U.S. share of Canadian exports slipped to just over 66%.
  • In parallel, U.S. government data show the U.S. trade gap widened to $57.3 billion in February as imports rebounded and exports hit a record $314.8 billion, lifted by capital goods tied to computers and semiconductors and by monetary gold.