Canada's gold and silver exports down 12% in September - StatCan

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(Kitco News) - According to a data byStatistics Canada (StatCan) released yesterday, total exports from Canada weredown 2.3% in September to $53.0 billion, the first decline after threeconsecutive monthly increases.

StatCan said that exports ofmetal and non-metallic mineral products were also down in September (-8.1%).The sharpest decrease was in exports of unwrought gold and silver, which fell12.1%, primarily because of lower gold asset transfers to Hong Kong and theUnited States in September.

“Partially offsetting thesedeclines were exports of energy products, which rose 6.1% in September. Crudeoil exports (+7.2%), mostly buoyed by rising prices, contributed the most to theincrease, reaching a record high of $9.0 billion in September," StatCan added.

StatCan noted that exports tocountries other than the United States were down 2.6% in September. Severalcountries were behind the decline, including South Korea, Hong Kong, Norway,Switzerland, the Netherlands and Spain.

A sharp increase in exportsof gold to the United Kingdom partially offset those declines, the reportfound.

By Vladimir Basov

For Kitco News

Follow kitconewsnow vbasov@kitco.comwww.kitco.com Disclaimer: The views expressed in this article are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this article do not accept culpability for losses and/ or damages arising from the use of this publication.

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