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2026-02-19 23:45:44
[Gold Boosts Canadian Trade] Canada's goods trade deficit halved to approximately C$1.3 billion in December, smaller than economists had expected, although this indicator can fluctuate significantly at times. Douglas Porter of BMO Capital Markets stated that while this appears to be a robust result, the month's export growth was embellished by a rebound in gold sales. Excluding precious metals, exports declined 0.7% month-over-month. Porter noted that the surge in gold exports somewhat masks the deterioration in Canada's net trade position, especially as US tariffs are expected to put pressure on exports in 2025. However, the economist stated that given that both the goods trade deficit and the total current account deficit are approximately 1% of GDP, this imbalance is not particularly worrying.
