Canada's Trade Deficit Soars Amid Record Gold Imports
Canada's merchandise trade deficit widened significantly in February, driven by record high imports, particularly of gold. The deficit reached C$5.74 billion as exports to the U.S. diminished. Total imports hit C$72.1 billion, with a notable rise in metal and mineral products. The surge in gold transactions played a pivotal role.
Canada faced a larger-than-anticipated merchandise trade deficit in February, as robust gold imports propelled the nation into record-high import levels, according to data released Thursday.
Statistics Canada reported a C$5.74 billion trade deficit, nearly doubling the forecast, with imports totaling C$72.1 billion—an all-time high—driven by a 45.6% leap in metal and mineral product imports, particularly gold.
The decline in exports to the U.S. and increased gold transactions contributed to a narrower trade surplus with the U.S., the smallest since May 2020, while exports to other countries reached an unprecedented C$22.3 billion.
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