<div id="readability-page-1"><div> By Robb M. Stewart <pre></pre> OTTAWA--Canada's trade deficit ballooned in November as gold shipments remained volatile and vehicle movements fell, though there again were early signs the country is diversifying away from its dependence on the U.S. Canada recorded a merchandise-trade shortfall of almost 2.2 billion Canadian dollars, the equivalent of about US$1.62 billion, Statistics Canada said Thursday. That was much wider than the C$690 million deficit economists expected and October's downwardly revised C$395 million gap. Including services, Canada swung to a trade deficit of C$2.19 billion from a small C$27 million a month earlier. After rising the previous two months, goods exports declined 2.8% between October and November. That was largely thanks to a slump in gold shipments, though Canadian exports of precious metals remained up almost 40% over the first 11 months of 2025 thanks to the surge in demand for gold and run of record-breaking prices. Stripping out metal and mineral products, exports increased 2.5% for the latest month. Automobile exports declined as car and light truck production was hit by a semiconductor shortage, while shipments of heavier trucks and buses sank nearly 54% following the introduction of fresh U.S. tariffs on these products from the start of November. The value of merchandise coming into Canada dipped 0.1%, mainly due to weaker prices. A rise in imports of consumer goods including pharmaceutical and medicinal products moderated declines in inbound shipments of motor vehicles and parts and of energy products. The pullback in exports, which in volume terms declined 0.9%, and strength in imports with a rise of 0.9% from the month before on a volume basis, points to a headwind from net trade for economic growth. Statistics Canada on Friday will release monthly industry-level gross domestic product figures, having previously estimated the economy eked out 0.1% growth month-over-month in November following the sharpest contraction in October since the end of 2022. Canada has been hit hard by U.S. tariffs and uncertainty and the central bank this week forecast the economy likely stalled in the final quarter of last year as exports continued to be buffeted by the Trump administration's trade policy. The Bank of Canada, which left its policy interest rate unchanged a second time in a row, projects an only gradual pick up in growth over this year and next. Economists expect exports to remain under pressure from U.S. tariffs, at least near term as businesses await the outcome of the upcoming review of the existing North American trade pact. While sectoral tariffs like those on steel and aluminum continue to weigh heavily on Canadian industry and have dampened business sentiment, exemptions under the U.S.-Mexico-Canada Agreement continue to shield the bulk of exports to the U.S. from levies. Shipments of Canadian goods to the U.S. were down 1.8% in November, a second straight decline that leaves exports over the first 11 months of 2025 down 4.9% versus the same period last year. For the month, 68% of Canadian shipments headed to the U.S., up modestly but still below historical levels. At the same time, imports from the U.S. fell 5.4% to the lowest level since February 2022. That meant about 56% of all merchandise coming into the country came from the U.S., the lowest share on record outside early in the pandemic in 2020. Canadian imports from countries other than the U.S. increased 7.8%, to an all-time high, driven by a range of goods from China and Germany and pharmaceuticals from Belgium. After surging nearly 28% from August to October to a record, exports to countries other than the U.S. fell 4.9% in November, dragged lower by a strong fall in gold to the U.K. and Hong Kong. &#34;We continue to see tentative signs of Canada successfully diversifying its trade away from the U.S.,&#34; Alexandra Brown, North American economist at research firm Capital Economics, said. In an effort to pivot Canada away from a reliance on the U.S. and strengthen the economy's resilience, Prime Minister Mark Carney is targeting a doubling of non-U.S. exports over the next decade. Carney has made a number of trips in recent months to countries including in Europe and the Middle East, as well as to China, in an effort to warm relations and boost trade. The latest data shows Canadian goods exports to China rose 8.8% during November, while imports were up 9.1%. The shift in trade saw Canada's longstanding surplus with the U.S. widen to C$6.58 billion from C$5.23 billion the month before, while the deficit with all other countries deepened to C$8.78 billion from C$5.63 billion. <pre></pre> Write to Robb M. Stewart at robb.stewart@wsj.com <pre></pre> (END) Dow Jones Newswires January 29, 2026 11:47 ET (16:47 GMT)Copyright (c) 2026 Dow Jones &amp; Company, Inc.</div></div>

山東黃金

紐蒙特礦業

中金黃金

阿尼科伊格爾礦業

GOLD

SPDR 金 ETF

加拿大的貿易赤字在 11 月份大幅擴大至近 22 億加元，顯著超出經濟學家的預期。這一增長歸因於波動的黃金運輸和由於半導體短缺以及新的美國關税導致的汽車出口下降。儘管對美國的出口下降了 1.8%，但來自非美國國家的進口卻上升了 7.8%，這表明貿易正在多元化。總理馬克·卡尼旨在未來十年內將非美國出口翻倍，以增強經濟韌性。貿易數據反映了美國關税帶來的持續挑戰以及加拿大貿易動態的變化

Canada's Trade Deficit Widens Sharply in November as Gold Shipments Fall — 2nd Update

- 加拿大 11 月貿易逆差擴大至 22 億加元，遠超預期的 6.9 億加元。  
- 受美國關税和經濟不確定性影響，加拿大對美出口下降 1.8%。  
- 加拿大正努力多元化貿易，非美出口目標為十年內翻倍。

由於黃金出貨量下降，加拿大的貿易逆差在 11 月急劇擴大——第二次更新