Canada is world-renowned for its natural resources, but we also produce and export a wide variety of other goods. As a trading nation, exports drive a vital part of our economy. Read on as we countdown the top 20 most lucrative Canadian exports you can get in on in 2024!
20. Aluminum
Kicking off our list is one of Canada’s most abundant metals, aluminum. Demand for lightweight aluminum is ramping up in the automotive and aerospace sectors. Canada accounts for about 6% of worldwide aluminum exports, shipping nearly $10 billion worth in 2023. Most goes to our NAFTA partners, but Asian markets are also major buyers. With processing plants across the country, Canada’s share of global aluminum exports could top 10% by 2025.
19. Helicopters
The niche market for civil and military helicopters has Canada hauling in handsome profits. Companies like Bell, Airbus, Leonardo, and Avidrone design, engineer, and assemble top-tier helicopters exported worldwide. Commercial and government clients shell out big bucks for Canadian composite materials and avionics supporting medium and heavy chopper models. 2024 looks to net over $300 million for Canada as our machines take flight across Europe and the Americas.
18. Frozen Fruit
Craving healthy, tasty treats? Canada’s frozen fruits are coveted globally! Wild blueberries, strawberries, raspberries, and cherries grow abundantly across our countryside. When flash-frozen at peak ripeness, these antioxidant-packed bites retain nutrition and flavor. Export values nudged up in 2023, projected to rise 7% next year. The EU enjoys over 90% of our frozen fruits, but Pacific Rim demand expands annually. Want a sweet serving of profits? Send our frozen fruits abroad!
17. Aircraft Parts
From nose to tail, Canada’s custom aircraft components and accessories are trusted the world over. Advanced avionics, actuators, engines, and interiors originate here before installation in top commercial planes and helicopters. Canadian technical skill also specializes in replacement parts, sales up 12% last year. Airbus and Boeing remain steady buyers, while demand in Asia and the Middle East takes off. This niche market will clear $640 million in 2024.
16. Insecticides
While bugs might bug us, Canada’s commercial insecticides will rack up major revenues on a global scale. Over half sold overseas targets professional markets: agriculture, forestry, livestock operations. But significant personal usage persists abroad too. With mosquito-borne illnesses spreading, Canada stands ready to supply. Shipments climbed 16% in 2023, projected even higher next year. Always check regulations, but our insecticides find receptive buyers in the EU, Australia, Latin America, and Asia.
15. Frozen Potatoes
Whether baked, mashed, or fried, the world can’t get enough frozen potato products! NL’s soil and climate produce top tubers destined for overseas french fry factories. But hash, wedges, skins, and tots fill containers too. Export values approaching a billion dollars make this crop a central pillar of agriculture. The EU, Japan and the US absorb about 85% of our frozen spuds. But emerging markets like SE Asia and MENA indicate more growth as Canadian taters tantalize more tastebuds.
14. Helicopters and Airplanes
Dual entries for aircraft just highlight major manufacturing happening north of the border! Bombardier’s jets transport travelers worldwide while Bell’s whirlybirds lift heavy loads across trade sectors. Strong orders stream in for luxurious private Learjets as well as utilitarian choppers serving defence, medical, firefighting and more. Despite Boeing’s recent troubles, partnerships remain steady with Canada supplying finished aircraft and components alike. Flagging Asian investment should rebound next year. Altogether, look to clear $3.5 billion exporting planes and helicopters in 2024!
13. Automotive Parts
Canada’s automotive supply chain motors along thanks to reliable OEM parts and after-market accessories. Steering systems, engines, batteries, electronics, mirrors and more ship from Ontario and Quebec to BMW, Tesla, GM and other major carmakers. Replacement gear travels far and wide to keep vehicles road-ready across continents. 2023 logged $3.8 billion in foreign sales, projected much higher next year if gas prices stabilize. Watch for added consumer incentives on EVs to also boost international auto part exports.
12. Aircraft Engines and Motors
On individual merit, aircraft power systems lift Canada higher on our profitable export rankings. Turboprops, turbofans, turboshafts: Pratt & Whitney Canada dominates commercial sales, while Rolls Royce and Honeywell fill regional and executive jet niches. Overhaul and parts claim a sizable segment too. Almost 85% leaves North America, flying overseas on short/mid and long-haul routes. CSeries narrowbodies could expand into new Pacific Rim and EU markets. By next year, engine and motor exports will likely reach $4 billion.
11. Chemical Fertilizers
Canada feeds global crop growth through immense potash, nitrogen and phosphate exports Keeping pace with food production and rising population, our fertilizer industry accounts for up to 20% of worldwide trade! Nearly every metric ton produced gets shipped straight into the international supply chain via Atlantic and Pacific transport. Top foreign markets include Brazil, India, China and the US. As arable land decreases globally, count on Canada to answer the call for more yield-boosting soil nutrients.
10. Gold
Amid economic uncertainty, trust Canada to deliver wealth via our most lustrous export: gold! Domestic mines unearth more precious metals than anywhere except China. Asset managers worldwide then secure their fortunes by stockpiling Canadian bullion and gold coins. Apocalyptic investors might prefer actual gold ingots overpaper promises should markets crash. For now, the finance sector converts our shining pucks into SEC-approved, exchange-traded commodities they can bank on. Will gold top $2,000/oz in 2024? Either way, miners will fill vaults and investor pockets to the brim!
9. Coal
Yes, coal still claims a spot on Canada’s export A-list, hauling in billions annually. Hard coking coal from British Columbia and Alberta fills Asian steelmaking demands. Lower-quality thermal coal ships south for American power generation. With Australia facing production issues lately, Canada’s coal exports climbed steadily, projected to clear $10 billion next year. Sure, climate conscious leaders want to phase it out long-term. But until developing nations transition energy strategies, Canada’s coal wealth will continue lining pockets.
8. Crude Petroleum Oil
The engine of trade still runs on oil, keeping Canada’s crude highly valued abroad even as renewables expand market share. Currently world #4 in production, our oil & gas sector exports over 3 million barrels daily thanks to steady offshore drilling and Alberta oilsands output. The US remains top customer by far, but sizable shipments also serve Europe and Asia consumers via port and pipeline distribution. Volatility around gas prices and supply chain kinks might throttle export revenues short-term. Regardless, substantial foreign oil holdings guarantee Canada financial stability through at least mid-century.
7. Vehicle Parts/Accessories
Racing to outfit vehicles near and far, Canada’s automotive after-market sees fierce sales growth ahead. Specialty parts like GPS, sensors, displays and mufflers will reach more models and customization shops globally Thanks to passionate mods and repairs crowds across continents, niche performance gear gets snapped up too. Snow plows to sport air intakes, we outfit rides of all types from compact cars to industrial fleet. Total export value could race past $5 billion next year. Vroom vroom!
6. Crude Petroleum From Oilsands
Zeroing in on Canada’s oil wealth, petroleum extracted from Alberta’s oilsands retains premium value abroad. Once panned as an expensive climate nightmare, reinvestment in operations optimization coupled with technology innovation has oilsands crude flowing profitably to key trade partners. The US remains top importer by far, but interest expands in Asia and Europe. 2023 exports broached $75 billion, 2024 estimates even higher if no further infrastructure disruption arises. Sure, controversy still swirls around this subsector’s environmental impacts. Yet no denying oilsands output remains pivotal to Canada’s petro-economy fortunes.
5. Lumber and Wood
Global demand for eco-friendly building materials bolsters Canadian lumber and wood exports to new heights. Sustainably harvested softwood, pine and cedar translate into affordable, attractive housing worldwide. China’s construction explosion after lifting COVID restrictions could strains domestic supply in 2024. That leaves the door open for Canada to elevate lumber shipments across the Pacific. Closer to home, our wood also frames more mid-sized buildings, modular dwellings and secondary units nationwide to address housing shortages through this decade and beyond.
4. Natural Gas and Energies
Now for Canada’s real fossil fuel breadwinner: natural gas! Domestic and global reliance on this lower-emission energy source keeps coffers here flush with cash. New LNG Canada terminal opened in 2019, quintupling gas exports practically overnight. With ample offshore reserves plus expanded pipeline infrastructure underway, natural gas exports should double again by 2030. Post-pandemic demand rebound gives Canada the inside track fulfilling Asia and Europe energy appetites long-term. If more jurisdictions mandate gas to replace higher-carbon sources, Canada will reap even greater rewards.
3. Vehicles
Canadian-made cars, trucks and SUVs motor their way into consumer hearts at home and globally. Ontario plants output sporty models from Cadillac, Lexus and Dodge alongside luxury Lincoln Navigators. Quebec does equally well exporting city run-arounds like the Toyota Corolla. Commercial sales also stay profitable thanks to enduring popularity of stalwarts like Ford F Series pickups and Chrysler minivans Little surprise full vehicle exports keep climbing, projected to reach $70 billion next year on sedans plus light trucks combined.
2. Automotive Parts and Accessories
And the award for Canada’s most valuable manufactured export goes to…vehicle parts! From engines and tires to electronics and batteries, we are the premier automotive supplier globally after US and Japan. Canadian factories provide precision OEM components to major automakers worldwide. Replacement parts also flow across supply chains into repair shops big and small. This spare parts segment will expand substantially this decade as more jurisdictions mandate longer warranties. Brace for impact as 2024 foreign sales of automotive parts and accessories race past $100 billion!
1. Crude Oil
We hit crude oil paydirt one last time! Extraction supporting Canada’s largest export happens onshore and offshore nationwide, but really struts its economic stuff In Alberta. GDP Impact exceeds $100 billion when oilsands petroleum joins conventional crude pumping massive wealth into local and federal coffers before ultimately gushing abroad. The US receives practically our entire oil bounty – over 4 million barrels daily via pipeline and tanker cars. Petrostates worldwide might undermine climate action, but Canada continues balancing energy fortunes against ecological stewardship. And generous oil revenues enable the transition to cleaner energy in lockstep with rest of world.
Profitable Canadian Exports Summary
Review this snapshot of our most lucrative exports poised for even greater foreign sales.
Sr | Product Name | Approx Profit Margin | Total Export Share % | Total Export Value | Main Export Countries |
---|---|---|---|---|---|
1 | Crude Oil | 65% | 100% | $130 billion | US |
2 | Auto Parts & Accessories | 15% | 82% | $100 billion | US, Mexico, China |
3 | Vehicles | 12% | 74% | $70 billion | US, Mexico, China, EU |
4 | Natural Gas & Energies | 60% | 93% | $65 billion | Japan, S. Korea, US, China |
5 | Lumber & Wood | 23% | 89% | $45 billion | US, China, Japan |
6 | Oilsands Crude | 68% | 99% | $40 billion | US |
7 | Vehicle Parts/Accessories | 25% | 76% | $32 billion | US, EU, China, Mexico |
8 | Crude Petroleum | 62% | 100% | $30 billion | US |
9 | Coal | 55% | 93% | $12 billion | S. Korea, Japan, India, China |
10 | Gold | 15% | 82% | $11 billion | US, EU, China |
11 | Chemical Fertilizers | 35% | 80% | $10 billion | US, Brazil, China, India |
12 | Aircraft Engines & Motors | 20% | 84% | $7 billion | US, France, Malaysia |
13 | Auto Parts | 18% | 75% | $5 billion | US, Mexico |
14 | Helicopters & Airplanes | 15% | 77% | $4 billion | US, UAE, Australia |
15 | Frozen Potatoes | 12% | 91% | $3 billion | US, Japan |
16 | Insecticides | 32% | 63% | $2.9 billion | US, Australia, Brazil |
17 | Aircraft Parts | 25% | 79% | $2.5 billion | France, US, Malaysia |
18 | Frozen Fruit | 11% | 92% | $1.9 billion | US, China, EU |
19 | Helicopters | 18% | 69% | $1.2 billion | US, Australia |
20 | Aluminum | 9% | 82% | $1 billion | US, EU, Japan |
Conclusion
We circled the globe highlighting Canada’s top money-making exports right now and compelling opportunities ahead in 2024. Nearly every industrial sector contributes: agriculture, chemicals, mining, energy, aerospace, vehicles, machinery and more. While the US and China compete for #1 trade partner designation, Canada sells sought-after goods worldwide thanks to solid manufacturing and coveted natural resources. Free trade pacts ensure strong flows south and overseas will continue even amid global uncertainty.
Reviewing this cross-section of hot export commodities reveals ample chances to profit. Whether extracting raw materials or fabricating finished products, Canada offers investable assets or direct sales access abroad. From oilsands crude and gold bullion to aircraft engines and frozen fruit, attractive margins await. And innovative manufacturers constantly unlock new export niches as well.
Canada’s respected reputation ensures more countries will come calling for our oil, aircraft, vehicles and other specialty items this decade. As long as quality remains high, foreign appetites for Canadian goods will endure. That bodes extremely well for entrepreneurs, investors and workers alike as our exports anchor national and personal prosperity for decades ahead!