National Bank Notes Canada's Gold Exports Reach A New All-Time High in October

10:54 AM EST, 01/08/2026 (MT Newswires) -- The change in the Canadian trade balance in October could largely be explained by fluctuations in the metal and non-metallic mineral products sector, specifically the unwrought gold, silver and platinum group metals sub-sector, said National Bank of Canada.

Around one-fifth of the increase in imports during the month was indeed due to a 55.2% rise in the latter category, noted the bank after Thursday's data release.

A further fifth reflected a 32.2% jump in inbound shipments of computers and computer peripherals, likely driven by investment in artificial intelligence.

Total exports also increased during the month, although to a lesser extent, which explains why the merchandise trade balance swung back into deficit territory, stated National Bank. Even more so than imports, the overall export figure was distorted by an outsized move in the gold category.

After rising 32.9% in the previous month, shipments in this category increased a further 47.4% in October, reaching a new all-time high of $8.7 billion. This figure is more than double that recorded at the same time last year ($4.3 billion), pointed out the bank.

Around 60% of this increase was due to higher prices, but volumes also rose by almost 40% in the 12 months to October. Not only are fluctuations in gold shipments influencing export figures -- without this category, international shipments would have fallen by 2.5% in October -- they are also making Canada's trade position appear better than it actually is, because without this category, the merchandise trade balance would have shown a deficit of $8.2 billion in October, it added.

As a consequence, it is fair to say that the explosion in prices and demand for the precious metal is partly masking the effects of tariffs imposed by the U.S. in the trade data, according to National Bank.

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