Canada’s merchandise exports to the United Kingdom jumped $9.7 billion from January through September 2025 compared with the same period last year, marking the largest year-over-year increase among all Canadian export markets.
However, unwrought gold accounted for nearly 96% of the increase, raising questions about the sustainability of this trade expansion.
Global Affairs Canada’s State of Trade 2025 report documents that Canadian goods shipments to the UK rose to $13.3 billion in full-year 2024, identifying this gain as the primary driver behind Canada’s overall goods export growth.
Gold export values to the UK rose nearly 58% in the first three quarters of 2025, while the actual quantity shipped increased by just 8%. Record-high gold prices drove the surge in value as central banks worldwide increased their purchases to diversify reserves and hedge against inflation.
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Two-thirds of Canada’s gold exports flow to the United Kingdom, where London serves as the world’s largest precious metals trading market. Statistics Canada reports exports of unwrought gold to the UK surged 30.2% in September 2025 alone.
Doug Porter, chief economist at Bank of Montreal, noted that gold provides limited economic benefit relative to its export value. Natural Resources Canada reports value added from gold and silver mining totaled less than three-tenths of 1% of Canada’s GDP in 2024.
Other markets showed more diversified export growth. Canada’s merchandise exports to the European Union increased just over $5 billion through September, with oil, aluminum and canola seeds contributing broadly. Petroleum exports to China grew more than 240% following the Trans Mountain pipeline expansion in May 2024.
Canada exported $430 billion worth of goods to the United States from January through September 2025, down about 3% from the same period in 2024.
Global Affairs Canada reports the UK ranked as Canada’s third-largest trading partner in 2024, with total bilateral trade reaching $61.0 billion.
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