April 13th, 2024

Statistics Canada says trade surplus up in February as gold exports hit record high

By The Canadian Press on April 4, 2024.

Statistics Canada says the country's merchandise trade surplus increased to $1.4 billion in February as exports of gold hit an all-time high. A truck carries a cargo container at the Port of Vancouver in Vancouver, on Friday, October 14, 2022.THE CANADIAN PRESS/Darryl Dyck

OTTAWA – Statistics Canada says the country’s merchandise trade surplus increased to $1.4 billion in February as exports of gold hit an all-time high.

The agency says the result compared with a revised surplus of $608 million in January.

Total exports in February rose 5.8 per cent to $66.6 billion, boosted by an increase in exports of unwrought gold.

Exports of metal and non-metallic mineral products surged 31.1 per cent in the month to a record $9.4 billion powered by increased high-value shipments of refined gold as well as transfers of gold assets in the banking sector.

Meanwhile, total imports rose 4.6 per cent to $65.2 billion in February, helped by a 9.7 per cent increase in imports of electronic and electrical equipment and parts to a record $7.6 billion.

In volume terms, total exports rose 6.2 per cent in February, while total imports rose 4.1 per cent.

This report by The Canadian Press was first published April 4, 2024.

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