10 Canadian Exports That Are in High Demand Worldwide
Canada is a major exporter of goods and services, with a total value of $596.9 billion in 2022. The country has a diverse range of products that are sought after by international buyers, from natural resources to manufactured goods. Here are 10 of the most valuable Canadian exports that are in high demand worldwide.
1. Crude oil
Canada is the fourth-largest exporter of crude oil in the world, with a market share of 7.4%. The country has vast reserves of oil sands, which are extracted using advanced technologies. Crude oil is used for various purposes, such as fuel, plastics, chemicals, and lubricants.
2. Cars
Canada is the ninth-largest exporter of cars in the world, with a market share of 3.6%. The country has a strong automotive industry, with many global brands operating plants in Canada. Cars are one of the most widely used modes of transportation, as well as a symbol of status and wealth.
3. Petroleum gas
Canada is the fifth-largest exporter of petroleum gas in the world, with a market share of 5.5%. The country has abundant natural gas resources, which are mainly exported to the United States via pipelines. Petroleum gas is used for heating, cooking, electricity generation, and industrial processes.
4. Gold
Canada is the sixth-largest exporter of gold in the world, with a market share of 6%. The country has rich deposits of gold, which are mined using various methods. Gold is a precious metal that is used for jewelry, investment, and technology.
5. Sawn wood
Canada is the largest exporter of sawn wood in the world, with a market share of 16.8%. The country has vast forests that provide a renewable source of timber. Sawn wood is used for construction, furniture, paper, and pulp.
6. Refined petroleum oils
Canada is the 14th-largest exporter of refined petroleum oils in the world, with a market share of 1.7%. The country has refineries that process crude oil into various products, such as gasoline, diesel, jet fuel, and asphalt. Refined petroleum oils are used for transportation, aviation, and road construction.
7. Car parts and accessories
Canada is the 12th-largest exporter of car parts and accessories in the world, with a market share of 2%. The country has a competitive automotive sector that produces high-quality components for domestic and foreign markets. Car parts and accessories are used for repairing, maintaining, and enhancing vehicles.
8. Medications
Canada is the 15th-largest exporter of medications in the world, with a market share of 1.6%. The country has a robust pharmaceutical industry that develops and manufactures drugs for various diseases and conditions. Medications are used for treating, preventing, and curing illnesses.
9. Aircraft and spacecraft
Canada is the 11th-largest exporter of aircraft and spacecraft in the world, with a market share of 2.4%. The country has a leading aerospace sector that designs and produces civil and military aircraft, satellites, rockets, and drones. Aircraft and spacecraft are used for transportation, communication, exploration, and defense.
10. Aluminum
Canada is the fourth-largest exporter of aluminum in the world, with a market share of 7%. The country has abundant hydroelectric power that enables low-cost production of aluminum from bauxite ore. Aluminum is a lightweight and versatile metal that is used for packaging, construction, transportation, and electronics.
These are some of the top Canadian exports that are in high demand worldwide. They showcase the country’s economic strength and diversity, as well as its contribution to global trade and development.
Canada’s Top 10 Exports: Trends and Opportunities
Canada is one of the world’s largest exporters of goods, with a total value of $596.9 billion in 2022, up by 18.5% from 2021. The country has a diverse range of export products, from natural resources to manufactured goods. In this blog post, we will look at Canada’s top 10 exports in 2022, their global market share, and their potential for growth in the future.
1. Crude oil: $120.6 billion (20.2% of total exports)
Crude oil is Canada’s most valuable export product, accounting for more than one-fifth of its total exports. Canada is the fourth-largest producer and exporter of crude oil in the world, after the United States, Saudi Arabia, and Russia. Most of Canada’s crude oil exports go to the United States, its largest trading partner. However, Canada also exports crude oil to China, India, Japan, and other countries. Crude oil exports increased by 47.1% in 2022, driven by higher global demand and prices amid the recovery from the COVID-19 pandemic.
2. Cars: $29.5 billion (4.9% of total exports)
Cars are Canada’s second-most valuable export product, accounting for nearly 5% of its total exports. Canada is the tenth-largest producer and exporter of cars in the world, after China, Japan, Germany, the United States, South Korea, India, Mexico, Spain, and France. Most of Canada’s car exports go to the United States, followed by China, the United Kingdom, Mexico, and Germany. Car exports increased by 1.1% in 2022, reflecting a modest recovery in the global automotive industry after the disruption caused by the COVID-19 pandemic.
3. Petroleum gases: $23.1 billion (3.9% of total exports)
Petroleum gases are Canada’s third-most valuable export product, accounting for nearly 4% of its total exports. Petroleum gases include natural gas, propane, butane, ethane, and other liquefied or gaseous hydrocarbons. Canada is the fifth-largest producer and exporter of natural gas in the world, after the United States, Russia, Iran, and Qatar. Most of Canada’s petroleum gas exports go to the United States, followed by Japan, China, South Korea, and Mexico. Petroleum gas exports increased by 54.2% in 2022, driven by higher global demand and prices amid the recovery from the COVID-19 pandemic.
4. Processed petroleum oils: $17 billion (2.9% of total exports)
Processed petroleum oils are Canada’s fourth-most valuable export product, accounting for nearly 3% of its total exports. Processed petroleum oils include gasoline, diesel, jet fuel, kerosene, lubricants, and other refined products derived from crude oil. Canada is the ninth-largest producer and exporter of refined petroleum products in the world, after the United States, China, Russia, India, Saudi Arabia, South Korea, Japan, and Germany. Most of Canada’s processed petroleum oil exports go to the United States, followed by Mexico, the Netherlands, the United Kingdom, and China. Processed petroleum oil exports increased by 48.2% in 2022, driven by higher global demand and prices amid the recovery from the COVID-19 pandemic.
5. Gold: $15.9 billion (2.7% of total exports)
Gold is Canada’s fifth-most valuable export product, accounting for nearly 3% of its total exports. Gold is a precious metal that is used for jewelry, investment, industrial applications, and monetary reserves. Canada is the fifth-largest producer and exporter of gold in the world, after China, Australia, Russia, and the United States. Most of Canada’s gold exports go to the United Kingdom, followed by the United States, China, India, and Switzerland. Gold exports increased by 6% in 2022, reflecting a stable global demand and price amid the uncertainty caused by the COVID-19 pandemic.
6. Car parts and accessories: $11.4 billion (1.9% of total exports)
Car parts and accessories are Canada’s sixth-most valuable export product, accounting for nearly 2% of its total exports. Car parts and accessories include engines, transmissions, tires, batteries, seats, airbags, and other components used for assembling or repairing cars. Canada is a major supplier of car parts and accessories to the United States, its largest trading partner and the second-largest producer and exporter of cars in the world. Canada also exports car parts and accessories to Mexico, China, Germany, and the United Kingdom. Car parts and accessories exports increased by 0.5% in 2022, reflecting a modest recovery in the global automotive industry after the disruption caused by the COVID-19 pandemic.
7. Sawn wood: $7.5 billion (1.3% of total exports)
Sawn wood is Canada’s seventh-most valuable export product, accounting for more than 1% of its total exports. Sawn wood is wood that has been cut into planks, boards, beams, or other shapes for construction, furniture, flooring, or other purposes. Canada is the second-largest producer and exporter of sawn wood in the world, after the United States. Most of Canada’s sawn wood exports go to the United States, followed by China, Japan, the United Kingdom, and South Korea. Sawn wood exports increased by 25.6% in 2022, driven by higher global demand and prices amid the recovery from the COVID-19 pandemic.
8. Medications: $7.4 billion (1.2% of total exports)
Medications are Canada’s eighth-most valuable export product, accounting for more than 1% of its total exports. Medications include pharmaceutical drugs that are used for preventing, treating, or curing diseases or disorders. Canada is a major producer and exporter of medications in the world, ranking among the top 10 countries in terms of research and development, patents, and sales. Most of Canada’s medications exports go to the United States, followed by vGermany, Belgium, Japan, and Switzerland. Medications exports increased by 9.9% in 2022, reflecting a strong global demand and innovation amid the COVID-19 pandemic.
9. Wheat: $6.8 billion (1.1% of total exports)
Wheat is Canada’s ninth-most valuable export product, accounting for more than 1% of its total exports. Wheat is a cereal grain that is used for making bread, pasta, noodles, cakes, cookies, and other food products. Wheat is also used for animal feed and biofuel production. Canada is the sixth-largest producer and exporter of wheat in the world, after Russia, the United States, France, Australia, and Ukraine. Most of Canada’s wheat exports go to Indonesia, followed by China, Japan, the United States, and Bangladesh. Wheat exports increased by 14.4% in 2022, driven by higher global demand and prices amid the recovery from the COVID-19 pandemic.
10. Aluminum: $6.6 billion (1.1% of total exports)
Aluminum is Canada’s tenth-most valuable export product, accounting for more than 1% of its total exports. Aluminum is a light-weight metal that is used for making cans, foil, aircraft, cars, buildings, electrical equipment, and other products. Canada is the fourth-largest producer and exporter of aluminum in the world, after China, Russia, and India. Most of Canada’s aluminum exports go to the United States, followed by Japan, Mexico, Germany, and South Korea. Aluminum exports increased by 29.4% in 2022, driven by higher global demand and prices amid the recovery from the COVID-19 pandemic.
Canada’s top 10 exports in 2022 reflect its strength in natural resources, manufacturing, and innovation. The country has a competitive advantage in exporting crude oil, cars, petroleum gases, processed petroleum oils, gold, car parts and accessories, sawn wood, medications, wheat, and aluminum to the world market. These products account for nearly two-thirds of Canada’s total exports and offer opportunities for growth in the future.
References:
https://web.archive.org/web/20100912120201/http://www.investinontario.com/siteselector/coca_401.asp
http://stats.oecd.org/Index.aspx?DataSetCode=TRADEINDMACRO
https://atlas.media.mit.edu/en/explore/tree_map/hs/export/can/all/show/2012/
http://www.bankofcanada.ca/wp-content/uploads/2015/07/mpr-2015-07-15.pdf
http://www.bankofcanada.ca/wp-content/uploads/2010/11/inflation_control_target.pdf
https://www.worldstopexports.com/canadas-top-exports/
https://wits.worldbank.org/CountryProfile/en/Country/CAN/Year/LTST/Summarytext
https://oec.world/en/profile/country/can/
https://oec.world/en/profile/country/can/
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