Our economic overview of Canada covers the country’s GDP statistics, top commodity exports, and top commodity imports.
We also dive into the additional detail on Canada’s petroleum, gold, wheat, aluminum, and rapeseed trade.
Once you’re familiar with Canada’s trade, you can learn about different ways to trade commodities of interest.
Canada’s Economic Overview
Canada is the 12th largest product export economy in the world but it currently has a negative trade balance of $62 billion CAD (2020 figures) when you deduct its annual import total of $369 billion from its export total of $431 billion.
Canada’s GDP is $1.71 trillion, which equates to a GDP per capita figure of $46,233.
From a total volume of $377 billion in product exports in 2017, Canada’s exports grew by 12.7% to $431 billion in 2018.
Canada’s Top Commodity Exports
Here are Canada’s five most exported commodities:
|Crude Petroleum||$39.5 billion|
Canada’s Other Notable Exports
- Cars – $48.8 billion
- Vehicle Parts – $10.6 billion
- Sawn Wood – $7.74 billion
- Gas Turbines – $5.21 billion
- Iron Ore – $2.8 billion
The United States is the top export destination of Canada with $296 billion of its annual exports, followed by China at $15.8 billion and the United Kingdom at $12.9 billion.
Canada’s Top Commodity Imports
Canada’s five most imported commodities are:
|Refined Petroleum||$11.1 billion|
Canada’s Other Notable Imports
- Cars – $26.4 billion
- Vehicle Parts – $20.4 billion
- Computers – $8.76 billion
- Packaged Medicaments – $7.23 billion
- Seats – $3.53 billion
More Information on Canada’s Most Traded Commodities
The following commodity’s play significant roles in the Canadian economy as some of the most traded raw materials.
Canada is the fourth-largest crude oil exporter in the world with a 5.8% share of an annual global export market worth $678 billion.
The global value of shipments has fallen by 59.4% over a five year period, although Canada is not one of the countries that has posted the sharpest decline in export volumes.
The United States takes 98% of all Canada’s refined petroleum exports.
Canada ranks 7th in the global league table of gold exporting countries and controls 3.8% of the market.
The United Kingdom is the biggest importer of Canadian gold and takes 68% of the annual total, followed by the United States who account for 25% of Canada’s yearly gold export total.
Ontario is the largest gold-producing region in Canada.
Canada is the 2nd largest wheat exporting country in the world with a 12.4% market share and competes with the United States (14.8%) and Russia (11.6%) for pole position.
Canada has improved its market share in the last five years as the United States’ wheat exports declined by 34.4% during that period.
Canada has a 2% share of the annual global aluminum export market which is worth $56.4 billion.
The United States is a major importer of Canadian aluminum, taking 85% of its total annual exports of this product.
China dominates global aluminium production with a 54% share of global primary output, a similar figure to its control of steel production (51.5%).
Canada is the leading exporter of rapeseed with a 48% share of the annual market. Their closest rival is Australia, which exports 10% of the yearly total.
A Few Interesting Facts About Canada
- Canada is one of the most educated countries in the world with around half of its residents having college degrees.
- The country has more lakes than the rest of the world combined.
- There are fewer people in the whole of Canada than in Tokyo’s metropolitan area.
All figures based on the 2018 OEC and 2016 IMF projections, unless stated otherwise.
Where Can I Trade Commodities?
If you want to explore ways to trade some of Canada’s most imported and exported commodities, see our list of regulated brokers available in .
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. <b>Between 71.00%-89.00% of retail investor accounts lose money when trading CFDs.</b> You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
In addition, you can browse our general commodity category guides on: