Higher exports of unwrought gold to Switzerland, crude oil to Germany and oil and aircraft to Singapore drove a sharp rise in goods sold everywhere but right across the border, Statistics Canada reported on Thursday. (The Logic)

Talking point: Canada’s total merchandise exports were up 6.3 per cent in September—a rebound from August that the agency attributes mainly to higher exports of unwrought gold. Exports to the U.S. were also up 4.6 per cent over August, although down by 5.6 per cent compared to September 2024. Higher U.S.-bound exports of light trucks, unwrought gold and aircraft—specifically, private jets—were at least partially responsible for the recent growth. Global exports of aluminum were up 18.6 per cent, with higher shipments to the Netherlands and Italy, but also to the U.S., where prices are now high enough to absorb President Donald Trump’s 50 per cent tariff. Still, year-over-year aluminum exports were down 16.7 per cent.