Canada’s trade surplus up in February as gold exports hit record high

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.