加拿大11月贸易逆差骤扩至22亿加元 黄金出口锐减成主因

Core Viewpoint - Canada's trade deficit in November 2025 reached 2.2 billion CAD, significantly exceeding market expectations of 690 million CAD and the revised previous value of 400 million CAD [1]. Group 1: Trade Performance - In November, Canada's total exports amounted to 63.94 billion CAD, a decrease of 2.8% from the revised previous month's value of 65.78 billion CAD [1]. - Total imports were 66.14 billion CAD, remaining relatively stable compared to the revised previous value of 66.18 billion CAD [1]. - The significant decline in exports, particularly in the category of metal and non-metal mineral products, was a major factor contributing to the widening trade deficit [1]. Group 2: Export Dynamics - The drop in exports was primarily driven by a 24.4% month-on-month decrease in metal and non-metal mineral products [1]. - Exports of unrefined gold, silver, platinum, and their alloys saw a substantial reduction of 36%, becoming the largest drag on overall export performance [1]. - The volatility in gold exports has been a persistent trend affecting Canada's overall export dynamics in recent months [1]. Group 3: Import Trends - The import of motor vehicles and parts also saw a simultaneous decline, further suppressing trade performance [1]. - Despite the stability in total import values, the sharp contraction in key export categories exacerbated the trade imbalance [1].