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Week of September 25, 2026

Gold is over half of Canada's export gain beyond the US

In the year to July, Canada's domestic exports to countries other than the United States rose $53.4 billion. Gold was 56.8% of that rise: $20.2 billion came from a higher customs value per gram and $10.1 billion from more grams. Ottawa's goal is to double exports to markets other than the United States over a decade. 1, 2

What drove the rise in Canada's domestic exports outside the United States, August 2025 to July 2026 against August 2024 to July 2025, billions of Canadian dollars

Gold is over half of Canada's export gain beyond the USRise in domestic exports outside the United States, August 2025 to July 2026 against August 2024 to July 2025, billions of Canadian dollars: Gold 30.3 (56.8%), Crude oil 7.6 (14.2%), Other energy 2.2 (4.2%), Other commodities 10.4 (19.4%), Everything else 2.9 (5.3%); total 53.4. Gold splits into unit value 20.2 and quantity 10.1.Contribution to the rise, billions of Canadian dollars0102030405060Gold: C$30.3 billion, 56.8% of the rise; unit value C$20.2 billion, quantity C$10.1 billionGoldC$30.3 bn, 56.8%unit value 20.2, quantity 10.1Crude oil: C$7.6 billion, 14.2% of the riseCrude oilC$7.6 bn, 14.2%Other energy: C$2.2 billion, 4.2% of the riseOther energyC$2.2 bn, 4.2%Other commodities: C$10.4 billion, 19.4% of the riseOther commoditiesC$10.4 bn, 19.4%Everything else: C$2.9 billion, 5.3% of the riseEverything elseC$2.9 bn, 5.3%Total rise outside the US: C$53.4 billionTotal riseC$53.4 bn, 100%Period: the 12 months to July 2026 against the 12 months before (August 2025 to July 2026, against August 2024 toJuly 2025). Statistics Canada, domestic exports, customs basis, not seasonally adjusted; our calculation.Method: each group's change is its value in the later period less the earlier. Gold's change is split into quantityand unit value at the midpoint of the two periods.Limit: a customs destination is where goods were sent, not who finally bought them.

Source: Statistics Canada, domestic exports, customs basis, not seasonally adjusted, release of 2026-10-06; our calculation.

From The Friday Close, Issue 1: Brent pulls away from WTI after October's expiry

Other weeks

  1. China takes most of Canada's Pacific crude
  2. Brent spot pulls away from WTI