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Canada’s merchandise exports bounced back by 8.5 per cent while imports fell 1.6 per cent in March, resulting in a trade surplus of $1.8 billion, the first since September 2025.
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The new data, published by Statistics Canada on Tuesday, showed total exports rose to $72.8 billion in March, the highest level since January 2025.
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The jump was driven primarily by exports of metallic and non-metallic mineral products, which saw a 24 per cent increase to a record $15.3 billion. Exports of the precious metals (gold, silver, platinum) contributed the most to this gain, driven by an increase in gold shipments to the United Kingdom. The agency noted that growth in gold exports occurred as gold prices fell during the month.
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Crude oil exports also contributed to the jump, growing by around 15.6 per cent to $17.1 billion in March — the highest level since September 2022 — due to the sudden increase in crude oil prices caused by the war in Iran.
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