Canada’s economy has grown and prospered over the years. One area that has particularly thrived for this nation is exports. Canada ranks as the 13th largest exporter of goods globally.
In this article, we will explore the top 5 Canadian exports from across various industries.
1. Cars and Automotive Parts
Canada is a huge exporter of vehicles and automotive parts. Canada exported over $40 billion worth of cars globally in 2020. This export was good enough for second place on the list only behind crude oil exports, over $60 billion that year.
The automotive industry has been an important part of Canadian history as it helped boost employment rates during the post-war years when many people were out of work. It also plays a major role in today’s economy, with approximately 150 000 Canadians employed within this field.
2. Gold
This precious metal is Canada’s third most exported good. Over the years, gold has become a staple in many economies worldwide because it holds high value.
In 2020 alone, Canada exported over $15 billion worth of gold to countries all over the world, including the United States and Switzerland. They are the leading importers of this product from Canada.
3. Crude Oil
This natural resource is one of Canada’s most valuable exports. The nation has the third-largest oil reserves globally, and it shows with their crude oil exports totaling over $60 billion in 2020.
The majority of this crude oil is exported to the United States, but shipments are also going to Europe and South Arabia. Crude oil is a critical export for Canada as it provides many jobs within the country and generates billions in revenue each year.
4. Softwood Lumber
This is another natural resource that Canada exports to countries worldwide. In 2020, softwood lumber worth $8 billion exported from the country.
Softwood lumber has been a staple product for Canadians and it accounts for hundreds of thousands of jobs within this nation and generates revenue each year. While there have been some issues concerning tariffs on these types of products, they remain an important export from Canada to numerous nations around the globe.
5. Petroleum Gas
This is another natural resource that Canada exports in high volumes. Petroleum gas is exported to countries worldwide, and it totaled $9 billion worth of exports in 2020.
Like crude oil, petroleum gas provides many jobs within Canada and generates billions in revenue each year. The export of this product is critical for Canada’s economy and helps keep it strong.
These five products represent some of Canada’s most valuable exports but there are also other important commodities that contribute to this nation’s economy in a major way.
