Canada's gold exports to the U.S. surge in April amid economic uncertainty: Statistics Canada
(Kitco News) Canadian gold exports jumped in April, pushing the nation's export volumes to record highs, according to Statistics Canada.
Canada's exports were up 2.5% in April, hitting an all-time high by volume and surpassing pre-COVID-19 pandemic levels. At the same time, imports fell 0.2% due to a fall in energy products, leading to a trade surplus of C$1.94 billion ($1.45 billion) in April.
The jump in exports was largely driven by metal and non-metallic mineral products, up 13.6% in April, Statistics Canada said.
"Exports of unwrought gold (+46.0%) posted the largest increase, on both higher volumes and prices," Statistics Canada said in the press release.
The soaring metal product exports included rising gold shipments from Canadian financial institutions to the United States. Statistics Canada said that increased interest in Canadian gold products indicates economic uncertainty.