Statistics Canada says the country’s merchandise trade deficit narrowed to $5.9 billion in May as gold exports climbed higher.
The result compares with the record trade deficit of $7.6 billion seen in April.
Exports were up 1.1 percent in May at $60.8 billion as exports of metal and non-metallic mineral products increased 15.1 percent in May. Driving the change was a 30.1 percent increase in exports of unwrought gold, silver and platinum group metals and their alloys—a category largely composed of unwrought gold.
Excluding metal and non-metallic mineral products, Statistics Canada says total exports fell 1.2 percent as exports to the United States dropped 0.9 percent. The agency says Canada’s share of exports headed to the U.S. was 68.3 percent in May, one of the lowest proportions on record.
Meanwhile, total imports fell 1.6 percent in May to $66.7 billion as imports of metal and non-metallic mineral products dropped 16.8 percent. Imports of unwrought gold, silver, and platinum group metals plunged 43.2 percent.
In volume terms, total exports rose 0.7 percent in May, while total imports fell 0.6 percent for the month.
