Canada has a diverse and robust economy that produces goods in high demand around the world. As a major exporter of natural resources, manufactured products, and services, Canada sold over $660 billion USD worth of exports globally in 2023.
What does 2024 hold for Canada’s top exports? Read on for our list of the top 20 Canadian exports based on total value and share of Canada’s export economy we expect to see this year.
1. Crude Petroleum
Canada’s oil sands contain some of the world’s largest crude petroleum reserves. As the 4th largest exporter of crude oil in the world, this fossil fuel is Canada’s most valuable exported product.
We forecast crude petroleum exports to be 16% of Canada’s total exports in 2024, topping $132 billion USD in value. With new pipelines under construction to connect Canadian oil to global markets, production and foreign sales will keep ramping up.
The United States purchases almost all of Canada’s crude petroleum. Asia is another key market, with countries like China, Japan, and South Korea importing Canadian oil.
2. Vehicles and Vehicle Parts
The automotive industry drives 10% of Canada’s GDP. Ontario and Québec are home to large auto manufacturers that produce millions of vehicles and related components each year.
Canadian-made cars, trucks, engines, tires, and other automotive parts are exported to the United States more than any other country by far. With this critical market next door, motor vehicles and parts should make up about 14% of Canada’s exports ($115 billion USD) in 2024.
3. Gold
Canada is one of the world’s top five gold producing nations. Mines across the country’s massive landscape uncover more than 170 tons of gold per year.
The lustrous precious metal makes up 5.4% of Canada’s exports, adding billions to the economy annually. In 2024, over $44 billion USD worth of unwrought and partially purified gold will be shipped abroad.
The United Arab Emirates and the United Kingdom take in most of Canada’s gold exports currently. Switzerland, India, and Turkey are also major buyers year after year.
4. Wood Products
Rich evergreen forests span Canada from coast to coast, making forestry a vital industry. Lumber, pulp, newsprint, and other wood products fuel communities across the country.
As the world’s #1 exporter of softwood lumber, Canada ships billions of board-feet overseas annually. We expect lumber, wood pulp, newsprint, and other forestry exports to be valued at $43 billion USD in 2024, making up 4.8% of Canada’s total exports.
The United States, China, and Japan import the most Canadian wood products by far. Emerging markets like India, Vietnam, and Mexico also present growth opportunities.
5. Coal
Canada contains 9% of the world’s coal reserves, found mostly in western provinces. Coal mining employs thousands, and production hovers around 60 million tons per year.
Steam coal and metallurgical (met) coal are the two main types Canada ships abroad. Asia’s demand for coal to fuel surging economic growth puts Canada in a prime export position.
We forecast coal to make up around 2.4% of Canada’s total exports in 2024, valued at $20 billion USD. Japan, South Korea, China, and India will continue driving coal imports from Canada.
6. Natural Gas
Natural gas is an integral part of Canada’s electricity generation and heating needs. The country’s shale gas boom has also made Canada the world’s 5th largest natural gas producer.
Growing domestic consumption will limit export capacity, but foreign sales still added $17.6 billion USD in 2023. Natural gas should retain a 2.1% share of Canada’s total exports in 2024 with $17 billion USD in value.
Almost all Canadian natural gas exports route to the United States currently. Prospects exist to ship liquefied natural gas (LNG) to Asia in the future as well.
7. Potash
Canada holds over half the world’s potash reserves, centered around Saskatchewan. Nutrient-rich potash fertilizes crops around the globe, bolstering Canada’s agriculture sector and exports.
A forecasted 37 million tonnes will get mined and shipped worldwide from Canada in 2024. Potash exports should hit $16.5 billion USD this year, making up 2% of the country’s total exports.
The main destinations for Canada’s potash exports include Brazil, China, India, Indonesia, Malaysia and the United States.
8. Aluminum and Articles
Canada is the world’s third largest producer of primary aluminum. The country’s abundant hydropower resources provide cost-effective electricity to smelt aluminum across British Columbia, Quebec, Ontario, and other provinces.
Framed structures, bars, tubes, foil, and other aluminum products get sold globally after processing here in Canada. We forecast around $14 billion USD worth of aluminum and articles to ship out this year, being nearly 1.8% of Canada’s total exports.
The United States receives over half of Canada’s aluminum exports. However, markets across Asia, Europe, and Mexico import Canadian aluminum goods as well.
9. Wheat
Vast prairie croplands and ideal growing conditions make Canada one of the top wheat producers worldwide. Canadian wheat accounts for around 5% of global exports, predominantly hard red spring and durum varieties.
In 2024, we expect around 30 million tonnes of Canadian wheat to make its way into flour, pasta, baked goods and other products around the world. Wheat should comprise nearly 1.7% of Canada’s exports, valued at $13.7 billion USD this year.
Indonesia, Japan, Bangladesh and the Philippines are major wheat buyers. The United States, Morocco, and offshore trading centers also import Canadian wheat for domestic and re-export opportunities.
10. Canola Products
Alongside wheat, canola is Canada’s most exported grain crop. Also known as rapeseed, the yellow blossoms produce nutrition-dense oil and meal prized globally.
We estimate close to 12 million tonnes of canola seed, oil, and meal exports this year, accounting for 1.5% of Canada’s foreign sales ($12.5 billion USD).
The United States, Mexico, UAE, and China take in much of Canada’s canola exports presently. South Asian and European markets offer room for canola export growth as well moving forward.
11. Refined Petroleum Products
Canada’s oil refineries churn out transportation fuels, heating oil, asphalt, and an array of other refined petroleum goods. Those derivatives get sold within Canada and to foreign buyers.
Asia drives strong demand, with South Korea, Singapore, and Japan importing Canadian gasoline, diesel, and more. Overall, refined fuels should make up around $12 billion USD (1.4%) in Canadian exports this year.
12. Gems, Precious Metals, and Coins
Canada’s mineral riches span diamonds, silver, platinum group metals, and more alongside leading gold output. Mines across the country’s north dig up exceptional quality gems and precious metals annually.
Globals sales of these highly valuable Canadian mining exports should retain a 1.3% ($10.5 billion USD) share of 2024’s total export economy. China, the United States, and EU members purchase the majority of these glittering exports.
13. Helicopters, Airplanes, and Aircraft Parts
Firms like Bombardier and De Havilland design and produce aircraft and components exported worldwide. Canadian technology also powers flight control, fuel, communications, and other critical aviation systems.
Business jets, regional airliners, turboprops, and helicopters proudly display “Made in Canada” marks in service across the Americas, Europe, Africa, and Asia-Pacific today. We anticipate another $9 billion USD (1.1% share) in aircraft and parts exports this year to help Canadian aerospace companies soar.
14. Pig and Other Animal Meat
Pork shoulders, hams, bellies, offal, and other pig parts get sold abroad after processing in Canada. Beef liver, kidneys, intestines and other byproducts also provide key export revenue to Canadian farms and abattoirs.
Most of these meat products make their way to the hungry United States market, which Canada provides over 25% of its pork imports. However, buyers in Asia, Europe, and Mexico equally value Canadian animal by-products for food manufacturing.
In 2024, nearly $8 billion USD worth of pig and assorted animal meat should ship out from Canada, comprising 0.93% of total exports.
15. Medications and Pharmaceuticals
Canada has a well-developed pharmaceutical industry centered in Ontario and Quebec. Numerous generic drug makers produce cost-effective treatments exported globally. Innovative biotech, medical cannabis, and other healthcare companies further bolster export potential.
The United States, European Union members, and Asia-Pacific countries will remain as top destinations for Canadian pharmaceutical exports. We forecast medications and drugs to retain around a 0.9% ($7.3 billion USD) share of Canada’s total exports in 2024.
16. Nickel and Products
As the world’s 7th largest nickel miner, Canada relies on the stainless steel ingredient for good-paying jobs and exports earnings. Mines and smelters in Ontario, Manitoba, and Newfoundland & Labrador turn out millions of tonnes of unwrought, powder, plate, tubes, and other nickel products annually.
This critical metallic export should be valued around $7 billion USD this year to comprise 0.84% of Canada’s total foreign sales.
The United States takes about a third of Canada’s nickel exports presently. However, stainless mills and parts makers across Asia and Europe equally depend on Canadian nickel to meet production needs.
17. Telecommunications Equipment
Telecom equipment allows the world to stay connected, and Canadian technology enables those vital networks. Hardware and software from Montreal, Ottawa, and Waterloo power rapid 5G rollout across global markets today.
As this connectivity race grows, Canada contains the innovative solutions foreign operators and providers demand. We anticipate $.7 billion USD (0.8% share) in exports of telecom tech solutions from Canada in 2024.
18. Seafood Products
Canada lands over $7 billion USD worth of fish, shellfish, and other seafood through commercial fishing and aquaculture annually. Lobster, Atlantic salmon, snow crab, and shrimp make up key exports from Canada’s three coastlines.
Asia drives strong demand for Canadian seafood today, led by China. The EU, United States, and other markets also purchase fish caught and farmed across this maritime nation though. In 2024, around $6.8 billion USD (0.79%) in edible seafood exports should support coastal communities.
19. Ores, Slag, and Ash Products
Canada is a foremost producer of iron ore, copper, nickel and other metals bound for foundries and processors globally. Additionally, zinc, cobalt, lithium, graphite, and rare earths offer emerging export opportunities as the world transitions to electrification.
Shipments of these raw ores, concentrates, along with derived slag and ash byproducts should retain a 0.73% ($6 billion USD) share of Canada’s 2024 export economy. Australia, China, South Korea and Japan turn Canadian metals into steel, batteries and high-tech components to power the future.
20. Fertilizers
While potash garners attention as a marquee Canadian fertilizer export, ammonia, urea and phosphate also nourish soils worldwide. Together, these crop nutrients should be valued around $5.5 billion USD this year based on anticipated export volumes.
The United States, India, Brazil, and Southeast Asia represent key importers of Canadian fertilizers like potash, urea and ammonia products going into 2024. Overall we expect fertilizer exports to comprise 0.65% of Canada’s total foreign sales this year.
Now let’s examine a summary table of these major Canadian exports again:
| Sr | Product Name | Total Export Share % | Total Export Value | Main Export Countries |
|---|---|---|---|---|
| 1 | Crude Petroleum | 16% | $132 billion USD | United States, China |
| 2 | Vehicles and Vehicle Parts | 14% | $115 billion USD | United States |
| 3 | Gold | 5.4% | $44 billion USD | UAE, UK |
| 4 | Wood Products | 4.8% | $43 billion USD | United States, China |
| 5 | Coal | 2.4% | $20 billion USD | Japan, South Korea |
| 6 | Natural Gas | 2.1% | $17 billion USD | United States |
| 7 | Potash | 2% | $16.5 billion USD | Brazil, China, United States |
| 8 | Aluminum and Articles | 1.8% | $14 billion USD | United States, Asia, Europe |
| 9 | Wheat | 1.7% | $13.7 billion USD | Indonesia, Philippines |
| 10 | Canola Products | 1.5% | $12.5 billion USD | United States, China |
| 11 | Refined Petroleum Products | 1.4% | $12 billion USD | South Korea, Singapore |
| 12 | Gems, Precious Metals, and Coins | 1.3% | $10.5 billion USD | China, United States |
| 13 | Helicopters, Airplanes, Aircraft Parts | 1.1% | $9 billion USD | Americas, Europe, Asia-Pacific |
| 14 | Pig and Other Animal Meat | 0.93% | $8 billion USD | United States, Asia, Europe |
| 15 | Medications and Pharmaceuticals | 0.9% | $7.3 billion USD | United States, EU, Asia |
| 16 | Nickel and Products | 0.84% | $7 billion USD | United States, Asia, Europe |
| 17 | Telecommunications Equipment | 0.8% | $.7 billion USD | Asia, Europe, Americas |
| 18 | Seafood Products | 0.79% | $6.8 billion USD | China, EU, United States |
| 19 | Ores, Slag and Ash Products | 0.73% | $6 billion USD | Australia, China, Korea |
| 20 | Fertilizers | 0.65% | $5.5 billion USD | United States, India, Brazil |
Conclusion
Canada produces and exports a immense variety of essential commodities, manufactured goods and value-added products appreciated worldwide. Natural resources drive the majority of Canada’s exports presently, but sectors like aerospace, telecommunications, biotech and advanced manufacturing equally showcase this country’s innovative capabilities.
With $660 billion USD in total exports forecasted for 2024, Canada remains a stable and sought-after trading partner globally. The top 20 export categories outlined above should lead Canada’s robust export economy this year and into the future.
