The Globe and Mail reports in its Friday edition that Canada's surprising return to a trade surplus in September, the first since January, came on the back of what has become a familiar source of export strength in recent months: gold. The Globe's Jason Kirby writes that exports climbed 6.3 per cent that month, shifting Canada from a global trade deficit of $6.4-billion in August to a small surplus of $153-million. Several sectors propelled the jump in exports, including oil, aircraft parts and light trucks, but the largest increase came from metal and non-metallic mineral products, and that segment was driven by higher exports of unwrought gold, Statistics Canada said. It was far from the first month the shiny metal has provided glitter to Canada's trade picture. Since the start of 2023, when gold price growth kicked into higher gear, precious metals have doubled as a share of Canada's merchandise exports. Over that time gold prices have more than doubled from around $2,000 an ounce to $4,270 this week. At the same time, gold imports have remained relatively stable as a share of merchandise trade over the years. That has had the effect of aiding Canada's trade balance as gold exports rise faster than gold imports.
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