Canada shipped US$596.9 billion worth of products around the globe in 2022. That dollar amount results from an 32.4% gain compared to $450.8 billion during 2018.
Year over year, the total value of Canada’s exported goods accelerated by 18.5% from $503.9 billion for 2021.
Canadian exports represent about 2.7% of the value for the world’s total exported goods (global sum calculated for 2021). That percentage falls below the 2.9% for Canada’s exports divided by the worldwide total.
Importers in Russia spent $168 million on Canada’s exports in 2022. That dollar amount is a severe reduction from $526.2 million worth of Canadian shipments in 2021. In comparison, Ukraine bought $113.7 million in products from Canada during 2022, down from $174.9 million during the prior year.
Applying a continental lens, Over three-quarters (78.3%) of Canada’s exports by value was delivered to fellow North American countries (United States and Mexico). In addition, 11% was sold to Asian importers with another 8% worth of goods shipped to Europe.
Smaller percentages went to Latin America (1.6%) excluding Mexico but including the Caribbean, Africa (0.7%) then Oceania (0.5%) led by Australia and New Zealand.
Canada’s Top Trading Partners
Below is a list showcasing 15 of Canada’s top trading partners, countries that imported the most Canadian shipments by dollar value during 2022. Also shown is each import country’s percentage of total Canadian exports.
- United States: US$459.9 billion (77% of total Canadian exports)
- mainland China: $21.9 billion (3.7%)
- United Kingdom: $14 billion (2.3%)
- Japan: $13.8 billion (2.3%)
- Mexico: $6.9 billion (1.2%)
- South Korea: $6.7 billion (1.1%)
- Germany: $5.8 billion (1%)
- Netherlands: $5 billion (0.8%)
- India: $4.1 billion (0.7%)
- Belgium: $3.5 billion (0.6%)
- Brazil: $3.1 billion (0.5%)
- France: $3.02 billion (0.5%)
- Norway: $2.98 billion (0.5%)
- Switzerland: $2.8 billion (0.5%)
- Hong Kong: $2.6 billion (0.4%)
Over nine-tenths (93.2%) of Canadian exports in 2022 were delivered to the above 15 trade partners.
Strongest increases among Canada’s top trade partners belong to Brazil (up 72.2% from 2021), India (up 71.1%), South Korea (up 32.1%), Netherlands (up 29.8%), United States of America (up 21%) then Japan (up 19.4%).
Year over year, there was a trio of decliners in terms of consuming Canadian exports. These were Hong Kong (down -9.2% from 2021), France (down -6.5%) and mainland China (down -2.2%).
Countries Causing Canada’s Biggest Trade Deficits
As defined by Investopedia, a country whose total value of all imported goods is higher than its value of all exports is said to have a negative trade balance or deficit.
It would be unrealistic for any exporting nation to expect across-the-board positive trade balances with all its importing partners. Similarly, that export country doesn’t necessarily post a negative trade balance with each individual partner with which it exchanges exports and imports.
Canada incurred the highest trade deficits with the following countries.
- mainland China: -US$54.9 billion (country-specific trade deficit in 2022)
- Mexico: -$24.2 billion
- Germany: -$11.5 billion
- Vietnam: -$9.2 billion
- Italy: -$7.1 billion
- Taiwan: -$5.3 billion
- South Korea: -$3.5 billion
- Brazil: -$3.4 billion
- Thailand: -$3.1 billion
- Switzerland: -$3 billion
Among Canada’s trading partners that cause the greatest negative trade balances, Canadian deficits with Switzerland (up 39.1%), Vietnam (up 25.1%) and Taiwan (up 22.9%) grew at the fastest pace from 2021 to 2022.
These cashflow deficiencies clearly indicate Canada’s competitive disadvantages with the above countries, but also represent key opportunities for Canada to develop country-specific strategies to strengthen its overall position in international trade.
Countries Generating Canada’s Best Trade Surpluses
Canada generated an overall $29.6 billion trade surplus for 2022, expanding by 108.5% from $14.2 billion in black ink one year earlier in 2021.
Based on Investopedia’s definition of net importer, a country whose total value of all imported goods is lower than its value of all exports is said to have a positive trade balance or surplus.
Canada incurred the highest trade surpluses with the following countries.
- United States: US$181.4 billion (country-specific trade surplus in 2022)
- United Kingdom: $7.4 billion
- Hong Kong: $2.23 billion
- Norway: $2.16 billion
- Netherlands: $814 million
- United Arab Emirates: $807.5 million
- Malta: $787.3 million
- Algeria: $727.5 million
- Japan: $683.6 million
- Australia: $370.2 million
Among Canada’s trading partners that cause the greatest positive trade balances, Canada’s surpluses with Australia (up 427.2%), Malta (up 58.6%) and the United States of America (up 27.3%) grew at the fastest pace from 2021 to 2022.
In addition, Canada went from a -$756.2 million trading with Japan in 2021 to posting a $683.6 million surplus for 2022.
These positive cashflow streams clearly indicate Canada’s competitive advantages with the above countries, but also represent key opportunities for Canada to develop country-specific strategies to optimize its overall position in international trade.
Companies Servicing Canadian Trading Partners
Almost 60 Canadian corporations rank among Forbes Global 2000. Below is a sample of the major Canadian companies that Forbes included.
- Agrium (specialized chemicals)
- Canadian Natural Resources (oil, gas)
- Enbridge (oil services, equipment)
- Husky Energy (oil, gas)
- Magna International (auto parts, accessories)
- Potash of Saskatchewan (specialized chemicals)
- Suncor Energy (oil, gas)
- Teck Resources (diversified metals)
According to Canadian Exports online directory, the following are examples of smaller entrepreneurial companies that ship products from Canada to its trading partners around the globe. Shown within parenthesis is the product category that the Canadian business specializes in.
- A.S. Chemical Laboratories Inc. (pharmaceuticals)
- Aerospace Metal Finishing Inc. (plated surface finishes)
- Centennial Solar (solar panels)
- C-I-L Explosives (specialty explosives)
- Ciment Quebec Inc. (cement)
- Control Skateboards (customized skateboards)
- Cormer Group Industries Inc. (aircraft components)
- Hi-Pro Feeds (animal nutrition products)
- International Play Company (indoor/outdoor play structures)
- Lafleur Industries Inc. (truck chassis, parts)
- Netchem Inc. (specialized chemicals)
- Seven Star Sports (designer safety helmets)
See also Canada’s Top 10 Imports, Canada’s Top 10 Exports, Top Canadian Trade Balances and Canada’s Top 10 Major Export Companies
Central Intelligence Agency, The World Factbook Country Profiles. Accessed on March 30, 2023
Forbes Global 2000 rankings, The World’s Biggest Public Companies. Accessed on March 30, 2023
International Monetary Fund, Exchange Rates selected indicators (National Currency per U.S. dollar, period average). Accessed on March 30, 2023
International Monetary Fund, World Economic Outlook Database (GDP based on Purchasing Power Parity). Accessed on March 30, 2023
International Trade Centre, Trade Map. Accessed on March 30, 2023
Investopedia, Net Exports Definition. Accessed on March 30, 2023
Richest Country Reports, Key Statistics Powering Global Wealth. Accessed on March 30, 2023
Wikipedia, Purchasing power parity. Accessed on March 30, 2023