OTTAWA — Led by gains from exports to the U.S., Canada’s merchandise exports rose 3.4 percent in October.

According to Stats Canada, exports increased by $1.0 billion to $31.1 billion, as a result of a 2.6 percent rise in volumes and a 0.8 percent increase in prices.

This was the second consecutive monthly increase in the value of exports and the fourth advance in five months.

Industrial goods and materials led the growth, representing more than half of the increase. Energy products, agricultural and fishing products, as well as automotive products also contributed to the gain. Lower exports of machinery and equipment slowed the increase, however.

Imports declined to $30.7 billion, as prices fell 1.2 percent while volumes inched up 0.3 percent.

Canada’s trade surplus with the U.S., specifically, expanded to $3.4 billion in October from $2.0 billion in September — the third advance in five months.

Industrial goods and materials increased 8.8 percent to $7.2 billion while exports of precious metals rose 34 percent to a record high of $1.3 billion.

Worldwide surges in gold prices and in the demand for gold bars fuelled the rise. Exports of copper ores and of other crude non-metallic minerals also posted solid gains in October.

After three consecutive months of decline, exports of energy products rose 6.5 percent to $6.8 billion. Agricultural and fishing products rose a modest 2.9 percent to $2.8 billion, mostly due to increased exports of canola, up 48 percent to $275 million.

Meanwhile, automotive products increased slightly once again, up 1.1 percent. The $2.8 billion in October was the highest level since September 2008.