The Globe and Mail reports in its Friday edition that Canada swung back to a trade deficit in October as imports grew at a faster pace than exports, though early signs suggest that the country is starting to diversify its trade partners, with a heavy assist from soaring gold prices. A Reuters dispatch to The Globe says Canada imported $66.2-billion worth of goods in October, up 3.4 per cent from September, Statistics Canada said Thursday, while exports rose 2.1 per cent to $65.6-billion. The faster growth in imports pushed the trade balance from a $243-million surplus in September to a $563-million deficit in October. Analysts had been expecting a larger deficit of $1.5-billion. Canadian exports have been on a volatile ride, owing to massive U.S. tariffs that have targeted several key industries, including steel, aluminum, cars and lumber. Exports to the United States fell 4.1 per cent in the first 10 months of 2025, compared with a year earlier. Canada appears to be finding new markets for its goods. "While some evidence of diversification can be seen in the data, trade flows will continue to be under pressure as tariff and geopolitical uncertainty remain elevated," BMO senior economist Shelly Kaushik said in a note.