Nicknamed the Great White North, Canada sold US$568.3 billion worth of exported products in 2023 down by -5.1% from $598.6 billion one year before in 2022.
The latest dollar total also reflects a 27.4% upturn compared to $446.2 billion over the 5-year period starting in 2019.
Based on the average exchange rate for 2023, the Canadian dollar weakened by -1.7% against the US dollar since 2019 and fell by -3.7% from 2022 to 2023. Canada’s diluted local currency made Canadian exports paid for in stronger US dollars relatively less expensive for international buyers.
The Dominion of Canada’s 5 most-valuable export products by value in 2023 were crude oil, cars, gold, refined petroleum oils, then petroleum gases. In aggregate, those major exports represent roughly one-third (32.8%) of the Canada’s overall export sales. That percentage suggests a relatively concentrated portfolio of exported goods.
Canada ranks among world-leading nations for exporting sawn wood, crude oil, cars and gold.
Canada’s Best Trade Customers
The latest available country-specific data shows that 86.9% of products exported from Canada was bought by importers in: United States of America (77.6% of the global total), mainland China (4%), Japan (2.1%), United Kingdom (1.8%) and Mexico (1.1%).
From a continental perspective, over three-quarters (78.8%) of Canadian exports by value was delivered to fellow North American countries (United States and Mexico). In addition, 10.9% was sold to Asian importers with another 7.4% worth of goods shipped to Europe.
Smaller percentages went to Latin America (1.6%) excluding Mexico but including the Caribbean, Africa (0.8%) then Oceania (0.5%) led by Australia and New Zealand.
Given Canada’s population of 40.5 million people, its total $568.3 billion in 2023 exports translates to roughly $14,000 for every resident. That per-capita metric is lower than the $15,400 average for 2022.
The following export product groups categorize the highest dollar value in Canadian global shipments during 2023. Also shown is the percentage share each export category represents in terms of overall exports from Canada.
- Mineral fuels including oil: US$143.4 billion (25.2% of total exports)
- Vehicles: $63.7 billion (11.2%)
- Machinery including computers: $42.5 billion (7.5%)
- Gems, precious metals: $28.4 billion (5%)
- Wood: $13.4 billion (2.4%)
- Plastics, plastic articles: $15.5 billion (2.7%)
- Electrical machinery, equipment: $16 billion (2.8%)
- Aluminum: $12.6 billion (2.2%)
- Fertilizers: $9.5 billion (1.7%)
- Ores, slag, ash: $11.4 billion (2%)
Canada’s top 10 exports accounted for 62.7% of the overall value of its global shipments.
Vehicles was the fastest grower among the top 10 export categories, up by 26.5% year over year since 2022.
In second place for improving export sales was gems and precious metals which rose 16.6%, led by gold.
Canada’s shipments of machinery including computers posted the third-fastest gain in value, up by 12.5% year over year.
The leading decliner among Canada’s top 10 export categories was wood which fell -32.3% compared to 2022.
Note that the results listed above are at the categorized two-digit Harmonized Tariff System (HTS) code level.
For a more granular view of exported goods at the four-digit HTS code level, see the section Canada’s Most Valuable Export Products: Detailed View further down near the bottom of this article.
Products Generating Trade Surpluses for Canada
Canada generated a US$9.6 billion trade surplus for 2023, down by -66.2% compared to $28.4 billion in black ink one year earlier in 2022.
The following types of Canadian product shipments represent positive net exports or a trade balance surplus. Investopedia defines net exports as the value of a country’s total exports minus the value of its total imports.
In a nutshell, net exports represent the amount by which foreign spending on a home country’s goods or services exceeds or lags the home country’s spending on foreign goods or services.
- Mineral fuels including oil: US$105 billion (Down by -22.6% since 2022)
- Wood: $10 billion (Down by -36.8%)
- Fertilizers: $7.1 billion (Down by -32.8%)
- Aluminum: $7.5 billion (Down by -7.6%)
- Cereals: $9.7 billion (Up by 20.7%)
- Ores, slag, ash: $7.4 billion (Up by 2.8%)
- Oil seeds: $6.9 billion (Up by 1.4%)
- Woodpulp: $5 billion (Down by -19.8%)
- Gems, precious metals: $8.8 billion (Up by 64.1%)
- Nickel: $3.7 billion (Down by -21.2%)
Canada has highly positive net exports in the international trade of crude oil, petroleum gas, coal and electricity. The positive cashflows indicate Canada’s strong competitive advantages under the mineral fuels-related category.
Products Causing Trade Deficits for Canada
Below are exports from Canada that are negative net exports or product trade balance deficits. These negative net exports reveal product categories where foreign spending on home country Canada’s goods trail Canadian importer spending on foreign products.
- Machinery including computers: -US$41.7 billion (Down by -2.3% since 2022)
- Electrical machinery, equipment: -$36.9 billion (Down by -4.2%)
- Vehicles: -$28.2 billion (Down by -6.8%)
- Pharmaceuticals: -$9.3 billion (Down by -0.2%)
- Articles of iron or steel: -$5.7 billion (Down by -21.3%)
- Knit or crochet clothing, accessories: -$5.2 billion (Down by -19.4%)
- Optical, technical, medical apparatus: -$6.8 billion (Up by 8%)
- Plastics, plastic articles: -$3.8 billion (Down by -27.5%)
- Beverages, spirits, vinegar: -$4.6 billion (Down by -7.8%)
- Toys, games: -$4.2 billion (Down by -13.6%)
Canada has highly negative net exports and therefore deep international trade deficits for machinery products including computers spanning myriad types and sizes for business and personal purposes. Red ink under the machinery including computer category also encompasses bulldozers and similar heavy construction equipment.
These cashflow deficiencies clearly indicate Canada’s competitive disadvantages in the international machinery market including computer-related goods, but also represent key opportunities for Canada to improve its position in the global economy through targeted innovations.
Canadian Export Companies
Wikipedia lists many of the larger international trade players from Canada.
- Barrick Gold (diversified metals, mining)
- Bombardier Inc. (aerospace, transit vehicles)
- Cameco (uranium)
- Canadian Natural Resources (oil, gas)
- Encana (oil, gas)
- Magna International (automotive parts)
- Potash Corporation of Saskatchewan (specialized chemicals)
- Saputo (dairy products)
- Suncor Energy (oil, gas)
According to global trade intelligence firm Zepol, the following smaller companies are also examples of leading Canadian exporters.
- Interex Forest Products (wood, strand board)
- West Fraser Mills (wood, chemical woodpulp)
- Weyerhaeuser (wood, chemical woodpulp)
Canada’s Most Valuable Export Products: Detailed View
At the more granular four-digit HTS code level, the following listing showcases 20 of the most in-demand goods shipped from Canada during 2023.
Shown beside each product label is its total export value then the percentage increase or decrease compared to the prior year.
- Crude oil: US$99.6 billion (down -17.3% from 2022)
- Cars: $37.9 billion (up 28.5%)
- Gold: $20.5 billion (up 33.9%)
- Refined petroleum oils: $14.5 billion (down -14.8%)
- Petroleum gases: $13.7 billion (down -43.4%)
- Automotive parts, accessories: $13.4 billion (up 5.3%)
- Coal: $9 billion (down -16.5%)
- Wheat, meslin: $8.8 billion (up 11.2%)
- Mineral or chemical potassic fertilizers: $8.6 billion (down -32.1%)
- Medications in dosage: $8.3 billion (down -14.1%)
- Unwrought aluminum: $8.1 billion (down -13.1%)
- Aircraft including helicopters, planes, spacecraft: $7.6 billion (up 18.2%)
- Turbojets, parts: $7.3 billion (up 24.1%)
- Trucks: $7.1 billion (up 76.1%)
- Iron ores, concentrates: $6.6 billion (down -2%)
- Sawn wood: $6.5 billion (down -39.9%)
- Bread, pastries: $5.3 billion (up 11.1%)
- Colza or mustard oil: $5.3 billion (up 8.1%)
- Colza seeds: $4.5 billion (up 1.5%)
- Ethylene polymers (primary): $3.8 billion (down -19.9%)
These 20 exported goods were worth a subtotal of US$296.4 billion or over half (52.2%) by value for all products exported from Canada during 2023.
In macroeconomic terms, Canada’s total exported goods represent 23.9% of its overall Gross Domestic Product for 2023 (US$2.379 trillion valued in Purchasing Power Parity US dollars). That 23.9% for exports to overall GDP per PPP in 2023 compares to 26.6% one year earlier. Those percentages suggest an decreasing reliance on products sold on international markets for Canada’s total economic performance, albeit based on a limited timeframe.
Another key indicator of a country’s economic performance is its unemployment rate. Canada’s unemployment rate averaged 5.527% for 2023 according to the International Monetary Fund, modestly higher than the average 5.275% in 2022.
See also Canada’s Top 10 Imports, Canada’s Top Trading Partners, Top Canadian Trade Balances, Canada’s Top 10 Major Export Companies and World’s Top Food Exports Special Data Report
Research Sources:
Central Intelligence Agency, The World Factbook Country Profiles. Accessed on March 16, 2024
Forbes Global 2000 rankings, The World’s Biggest Public Companies. Accessed on March 16, 2024
Government of Canada, Trade Data Online, Total exports, Distribution by province. Accessed on March 24, 2024
International Monetary Fund, Exchange Rates selected indicators (Domestic Currency per U.S. dollar, period average). Accessed on March 16, 2024
International Monetary Fund, World Economic Outlook Database (GDP based on Purchasing Power Parity). Accessed on March 16, 2024
International Trade Centre, Trade Map. Accessed on March 16, 2024
Investopedia, Net Exports Definition. Accessed on March 16, 2024
Richest Country Reports, Key Statistics Powering Global Wealth. Accessed on March 16, 2024
SHIPHUB, HS Code for Food. Accessed on March 16, 2024
Wikipedia, Cosmetic industry. Accessed on March 16, 2024
Wikipedia, Gross domestic product. Accessed on March 16, 2024
Wikipedia, Purchasing power parity. Accessed on March 16, 2024
