According to a data by Statistics Canada (StatCan) released yesterday, total exports from Canada were down 2.3% in September to $53.0 billion, the first decline after three consecutive monthly increases. StatCan said that exports of metal and non-metallic mineral products were also down in September (-8.1%). The sharpest decrease was in exports of unwrought gold and silver, which fell 12.1%, primarily because of lower gold asset transfers to Hong Kong and the United States in September. “Partially offsetting these declines were exports of energy products, which rose 6.1% in September. Crude oil exports (+7.2%), mostly buoyed by rising prices, contributed the most to the increase, reaching a record high of $9.0 billion in September," StatCan added.
StatCan noted that exports to countries other than the United States were down 2.6% in September. Several countries were behind the decline, including South Korea, Hong Kong, Norway, Switzerland, the Netherlands and Spain. A sharp increase in exports of gold to the United Kingdom partially offset those declines, the report found.