The latest dollar total also reflects a 45.9% upturn compared to $389.9 billion over the 5-year period starting in 2020.
Based on the average exchange rate for 2024, the Canadian dollar weakened by -1.5% against the US dollar from 2023 to 2024. Canada’s diluted local currency made Canadian exports paid for in stronger US dollars relatively less expensive for international buyers starting from American money.
The Dominion of Canada’s 5 most-valuable export products by value in 2024 were crude oil, cars, gold, refined petroleum oils, then automotive parts or accessories. In aggregate, those major exports represent over one-third (34.3%) of the Canada’s overall export sales. That percentage suggests a relatively concentrated portfolio of exported goods.
Canada ranks among world-leading nations for exporting sawn wood, crude oil, cars and gold.
Canada’s Best Trade Customers
The latest available country-specific data shows that 92.2% of products exported from Canada was bought by importers in: United States of America (76.5% of the Canadian total), mainland China (3.8%), United Kingdom (3.6%), Japan (1.9%), Mexico (1.1%), South Korea (0.98%), Netherlands (0.9%), Germany (0.87%), Switzerland (0.8%), India (0.7%), France (0.56%) and Belgium (0.48%).
From a continental perspective, 77.6% of Canada exports by value was delivered to fellow North American countries while 10.6% was sold to importers located in Asia. Canada shipped another 9.2% worth of goods to buyers in Europe.
Smaller percentages went to customers in Latin America (1.4%) excluding Mexico but including the Caribbean, Africa (0.7%) then Oceania (0.5%) led by Australia and New Zealand.
Given Canada’s population of 41.1 million people, its total $569 billion in 2024 exports translates to roughly $13,800 for every resident. That per-capita metric is lower than the $14,000 average for 2023.
Canada’s Top 10 Exports
The following export product groups categorize the highest dollar value in Canadian global shipments during 2024. Also shown is the percentage share each export category represents in terms of overall exports from Canada.
- Mineral fuels including oil: US$145 billion (25.5% of total exports)
- Vehicles: $58 billion (10.2%)
- Machinery including computers: $41 billion (7.2%)
- Gems, precious metals: $34 billion (6%)
- Electrical machinery, equipment: $17.4 billion (3.1%)
- Plastics, plastic articles: $16 billion (2.8%)
- Wood: $13.5 billion (2.4%)
- Aircraft, spacecraft: $13.2 billion (2.3%)
- Aluminum: $12.8 billion (2.3%)
- Ores, slag, ash: $11.7 billion (2.1%)
Canada’s top 10 exports accounted for 63.7% of the overall value of its global shipments.
Gems and precious metals was the fastest grower among the top 10 export product categories, up by 19.7% since 2023. Gold was a major driver for that category’s growth.
In second place for improving export sales was aircraft and spacecraft which rose 11.8%.
Canada’s shipments of electrical machinery and equipment posted the third-fastest gain in value, up by 8.8%.
The leading decliner among Canada’s top 10 export categories was the vehicles category which fell -8.9% year over year.
Note that the results listed above are at the categorized two-digit Harmonized Tariff System (HTS) code level.
For a more granular view of exported goods at the four-digit HTS code level, see the section below.
Canada’s Most Valuable Export Products: Detailed View
At the more granular four-digit HTS code level, the following listing showcases 20 of the most in-demand goods shipped from Canada during 2024.
Shown beside each product label is its total export value then the percentage increase or decrease compared to the prior year.
- Crude oil: US$99.6 billion (down -17.3% from 2023)
- Cars: $37.9 billion (up 28.5%)
- Gold (unwrought): $20.5 billion (up 33.9%)
- Processed petroleum oils: $14.5 billion (down -14.8%)
- Automobile parts/accessories: $13.7 billion (down -43.4%)
- Petroleum gases: $13.4 billion (up 5.3%)
- Medication mixes in dosage: $9 billion (down -16.5%)
- Aircraft, spacecraft: $8.8 billion (up 11.2%)
- Aluminum (unwrought): $8.6 billion (down -32.1%)
- Turbo-jets: $8.3 billion (down -14.1%)
- Trucks: $8.1 billion (down -13.1%)
- Wheat: $7.6 billion (up 18.2%)
- Coal, solid fuels made from coal: $7.3 billion (up 24.1%)
- Sawn wood: $7.1 billion (up 76.1%)
- Iron ores, concentrates: $6.6 billion (down -2%)
- Potassic fertilizers: $6.5 billion (down -39.9%)
- Bread, biscuits, cakes, pastries: $5.3 billion (up 11.1%)
- Rape/colza/mustard oil: $5.3 billion (up 8.1%)
- Rape/colza seeds: $4.5 billion (up 1.5%)
- Ethylene polymers: $3.8 billion (down -19.9%)
These 20 exported goods were worth a subtotal of US$296.4 billion or over half (52.1%) by value for all products exported from Canada during 2024.
Products Generating Trade Surpluses for Canada
Canada generated a US$14.8 billion trade surplus for 2024, expanding by 60.7% compared to $9.2 billion in black ink one year earlier in 2023.
The following types of Canadian product shipments represent positive net exports or a trade balance surplus. Investopedia defines net exports as the value of a country’s total exports minus the value of its total imports.
In a nutshell, net exports represent the amount by which foreign spending on a home country’s goods or services exceeds or lags the home country’s spending on foreign goods or services.
- Mineral fuels including oil: US$110.3 billion (Up by 5.2% since 2023)
- Gems, precious metals: $14.9 billion (Up by 67.9%)
- Wood: $10.1 billion (Up by 1.6%)
- Cereals: $8.2 billion (Down by -16.3%)
- Ores, slag, ash: $8.1 billion (Up by 9%)
- Aluminum: $7.4 billion (Down by -0.7%)
- Oil seeds: $6.7 billion (Down by -3.2%)
- Woodpulp: $5.2 billion (Up by 2.7%)
- Meat: $4.6 billion (Up by 3.6%)
- Aircraft, spacecraft: $4.3 billion (Up by 57.6%)
Canada has highly positive net exports in the international trade of crude oil, petroleum gas, coal, petroleum residues including coke, and electricity. These positive cashflows indicate Canada’s strong competitive advantages under the mineral fuels-related category.
Products Causing Trade Deficits for Canada
Below are exports from Canada that are negative net exports or product trade balance deficits. These negative net exports reveal product categories where foreign spending on home country Canada’s goods trail Canadian importer spending on foreign products.
- Machinery including computers: -US$41.7 billion (Down by -0.2% since 2023)
- Electrical machinery, equipment: -$34.6 billion (Down by -6.4%)
- Vehicles: -$32.4 billion (Up by 14%)
- Pharmaceuticals: -$7.7 billion (Down by -17.8%)
- Optical, technical, medical apparatus: -$7.2 billion (Up by 5.6%)
- Articles of iron or steel: -$5.43 billion (Down by -4.3%)
- Knit or crochet clothing, accessories: -$5.4 billion (Up by 3.1%)
- Fruits, nuts: -$5.2 billion (Up by 9.1%)
- Beverages, spirits, vinegar: -$4.2 billion (Down by -9.4%)
- Toys, games: -$4 billion (Down by -3.8%)
Canada has highly negative net exports and therefore deep international trade deficits for machinery products including computers comprising myriad types and sizes for business and personal purposes. Red ink under the machinery including computer category also arose from trade in bulldozers and similar heavy construction equipment.
These cashflow deficiencies clearly indicate Canada’s competitive disadvantages in the international machinery market including computer-related goods, but also represent key opportunities for Canada to improve its position in the global economy through targeted innovations.
Canadian Export Companies
Wikipedia lists many of the larger international trade players from Canada.
- Barrick Gold (diversified metals, mining)
- Bombardier Inc. (aerospace, transit vehicles)
- Cameco (uranium)
- Canadian Natural Resources (oil, gas)
- Encana (oil, gas)
- Magna International (automotive parts)
- Potash Corporation of Saskatchewan (specialized chemicals)
- Saputo (dairy products)
- Suncor Energy (oil, gas)
According to global trade intelligence firm Zepol, the following smaller companies are also examples of leading Canadian exporters.
- Interex Forest Products (wood, strand board)
- West Fraser Mills (wood, chemical woodpulp)
- Weyerhaeuser (wood, chemical woodpulp)
In macroeconomic terms, Canada’s total exported goods represent 22% of its overall Gross Domestic Product for 2024 (US$2.582 trillion valued in Purchasing Power Parity US dollars). That 22% for exports to overall GDP per PPP in 2024 compares to 23.9% one year earlier. Those percentages suggest a decreasing reliance on products sold on international markets for Canada’s total economic performance, albeit based on a limited timeframe.
Another key indicator of a country’s economic performance is its unemployment rate. Canada’s unemployment rate averaged 6.177% for 2024 according to International Monetary Fund statistics, higher than the average 5.408% in 2023.
See also Canada’s Top 10 Imports, Canada’s Top Trading Partners, Top Canadian Trade Balances, Canada’s Top 10 Major Export Companies and World’s Top Food Exports Special Data Report
Research Sources:
Central Intelligence Agency, The World Factbook Country Profiles. Accessed on February 23, 2025
Forbes Global 2000 rankings, The World’s Biggest Public Companies. Accessed on February 23, 2025
Government of Canada, Trade Data Online, Total exports, Distribution by province. Accessed on February 23, 2025
International Monetary Fund, World Economic Outlook Database (GDP based on Purchasing Power Parity). Accessed on February 23, 2025
International Trade Centre, Trade Map. Accessed on February 23, 2025
Investopedia, Net Exports Definition. Accessed on February 23, 2025
Richest Country Reports, Key Statistics Powering Global Wealth. Accessed on February 23, 2025
SHIPHUB, HS Code for Food. Accessed on February 23, 2025
Wikipedia, Cosmetic industry. Accessed on February 23, 2025
Wikipedia, Gross domestic product. Accessed on February 23, 2025
Wikipedia, Purchasing power parity. Accessed on February 23, 2025
X-rates.com, Exchange Rates: Canadian Dollar to US Dollar (monthly average 2024). Accessed on February 25, 2025