新华财经北京1月30日电加拿大统计局29日公布的数据显示，该国2025年11月商品贸易逆差达22亿加 元，大幅高于市场此前预期的6.9亿加元，亦远超修正后的前值4亿加元。 数据显示，11月加拿大出口总额为639.4亿加元，较前月修正值657.8亿加元下降2.8%；进口总额为661.4 亿加元，基本持平于修正后的前值661.8亿加元。进出口双向疲软，但出口降幅更为明显，导致贸易赤 字急剧扩大。 此外，机动车及零部件的进出口也同步减少，进一步抑制贸易表现。尽管进口总额变动不大，但关键出 口品类的剧烈收缩加剧了贸易失衡。 （文章来源：新华财经） 出口下滑主要由金属与非金属矿物产品类别驱动，该类出口额环比骤降24.4%。其中，未锻造黄金、白 银、铂金及其合金出口大幅减少36%，成为最大拖累因素。统计局指出，近几个月来，黄金出口的高波 动性持续主导加拿大整体出口走势。具体来看，11月加拿大对英国、美国和中国香港的未锻造黄金出口 均出现显著回落。 ...

Core Insights - Canada's merchandise trade showed an increase in exports and a decrease in imports in May, leading to a narrowing trade deficit [1][3] - The trade deficit improved from a record 7.6 billion CAD in April to 5.9 billion CAD in May, indicating a marginal improvement in Canada's trade situation [3] Export Performance - Merchandise exports grew by 1.1% to 60.81 billion CAD, marking the first increase in four months, driven by demand in key sectors [1] - Unrefined gold exports surged by 30.1% to a record 5.9 billion CAD, primarily directed to the UK, influenced by international gold price fluctuations and strong UK demand [5] - Exports of consumer goods increased by 2.6%, with significant contributions from meat (up 13.1%) and processed seafood (up 52.9%), reflecting Canada's competitive edge in agricultural processing [6] - Exports to countries outside the US rose by 5.7%, reaching a historical high, indicating progress in diversifying trade partners [6] Import Trends - Imports fell by 1.6% to 66.66 billion CAD, marking the third consecutive month of decline [1][8] - The decline in imports was led by a 16.8% drop in metal and non-metal mineral products, particularly unrefined gold and silver, which saw a 43.2% decrease [7] - Consumer goods imports increased by 4.3%, driven by demand for video game consoles and pharmaceuticals, reflecting a recovery in domestic consumption [8] Trade Partner Dynamics - Trade with the US showed a slight increase in surplus from 3.1 billion CAD in April to 3.2 billion CAD, despite continuous declines in both exports and imports [9] - Exports to China decreased by 21.3%, primarily due to reduced canola and crude oil exports, while imports from China grew by 3.0%, leading to an expanded trade deficit of 3.72 billion CAD [10] - Exports to the UK surged by 28.9%, driven by gold exports, resulting in a trade surplus of 4.55 billion CAD, while imports from the UK fell by 49.2% [12] - Exports to Italy increased by 73.8%, indicating deepening trade cooperation in specific product areas [13]