Biggest Exporting Industries in Canada in 2024

1. Oil Drilling & Gas Extraction in Canada

Exports for 2024: $158.2B

Oil Drilling and Gas Extraction in Canada have grown tremendously, resulting from rising prices and additional investment in production. Oil and gas companies suffered significantly in 2020 amid the pandemic as prices drastically fell amid lockdowns. As the economy reopened, the need for oil and gas became apparent and prices skyrocketed, bolstering revenue. Overall, revenue is expected to grow at a CAGR of 7.4% to $173.5 billion over the five years to 2023, despite a decline of 22.2% in 2023 alone. Profit has also fluctuated. Many companies endured below zero profits before it rose after the pandemic.

Despite operating volatility, Canada... Learn More

2. Petroleum Refining in Canada

Exports for 2024: $27.6B

Revenue for the Canadian Petroleum Refining industry has been volatile. Crude oil is the primary input into industry products, and therefore, its price is the primary driver of industry revenue. A subsequent price recovery in 2017 after plummet the previous year helped the industry rebound by double-digits during the following two-year period. However, the COVID-19 pandemic and the resulting collapse in oil prices in 2020 drove refinancing revenue down during the year. Following the pandemic peak, high demand, coupled with ongoing supply chain disruptions, led crude oil prices to spike sharply, translating into a industry revenue boom in 2021 and... Learn More

3. SUV & Light Truck Manufacturing in Canada

Exports for 2024: $19.2B

Revenue for SUV and light truck manufacturers in Canada is projected to decrease throughout 2023, due to disruptions caused by the COVID-19 pandemic and volatile economic conditions. With the export market accounting for over 50.0% of industry revenue in 2023, of which more than 95.0% is destined for the United States, industry operators are heavily reliant on US economic conditions. Despite a robust economic recovery after the peak of the pandemic, industry production has not fully recovered to the levels exhibited earlier in the period. As a result, the industry has declined at a CAGR of 7.4% over the past... Learn More

4. Aircraft, Engine & Parts Manufacturing in Canada

Exports for 2024: $17.0B

Revenue for the Canadian Aircraft, Engine and Parts Manufacturing industry has been declining over the past five years as a result of volatile economic conditions. In particular, the Canadian industry is a leader in manufacturing business aircraft, commercial planes with less than 150 seats, civil helicopters, regional and small engines and various aerospace components. The COVID-19 (coronavirus) pandemic weighed heavily on the industry given its effect on air travel, and thus, downstream demand. Industry revenue has been falling at a CAGR of 5.2% over the past five years, reaching $19.5 billion in 2023. This includes a projected rise of 3.7%... Learn More

5. Mineral & Phosphate Mining in Canada

Exports for 2024: $15.4B

Canadian mineral and phosphate mining companies produce a wide variety of nonmetallic mineral products, but are largely dominated by the production of potash. Canada is the world's largest producer and exporter of potash, which is a primary input for fertilizer manufacturers worldwide. Just prior to the current period, in 2016, the price of potash plummeted because of price competition resulting from the breakup of the Belarusian Potash Company, a major exporting business that contributed to the control of global potash markets. Prices for many materials have recovered since then, with mineral and phosphate mining revenue forecast to expand 7.9% in... Learn More

6. Car & Automobile Manufacturing in Canada

Exports for 2024: $13.7B

The Car and Automobile Manufacturing industry in Canada has shrunk as many automakers have moved operations abroad. Dissuaded by high labour costs in Canada, many automakers have shifted investments toward Mexico and the United States. As a result, output has fallen from Canada's biggest car producers while remaining operations have increasingly focused on vehicle production that falls outside of the industry such as sport utility vehicles (SUVs). Exports have likewise decreased due to lower production capacity and temporary plant closures following the global semiconductor chip shortage. As a result, industry revenue is expected to fall at a CAGR 15.6% to... Learn More

7. Aluminum Manufacturing in Canada

Exports for 2024: $13.6B

Canadian aluminum manufacturers produce various aluminum products, ranging from alumina to finished aluminum sheets and foil. Aluminum is lightweight, ductile, corrosion-resistant, highly conductive and recyclable, making it useful in various applications. For instance, aluminum sheet is a major input into automobiles and airplanes, while aluminum foil and rolled sheet are commonly used in containers and packaging material. The United States accounts for nearly all exports, making domestic manufacturers highly dependent on international trade. IBISWorld projects industry revenue to increase at a CAGR of 7.8% to $24.8 billion through the end of 2023, declining 3.3% in 2023 alone. This growth can... Learn More

8. Copper, Zinc & Lead Refining in Canada

Exports for 2024: $12.2B

Copper, zinc and lead refineries in Canada smelt ores extracted by upstream miners and refine nonferrous metals, which downstream metal manufacturers process further. Canadian metal producers have benefited from growing economic uncertainty and rising metal prices as consumers seek safer investments, such as gold and silver. Similarly, growing manufacturing and construction activity following the initial stages of the pandemic caused the price of other metals, including copper and nickel, to skyrocket, enabling refineries to pass down cost increases to buyers. However, refineries have been negatively impacted by normalizing economic conditions and falling metal prices, which place downward pressure on revenue.... Learn More

9. Meat, Beef & Poultry Processing in Canada

Exports for 2024: $11.5B

Canadian meat, beef and poultry processors are powerhouses in Canada's food manufacturing sector, representing more than one-quarter of the sector's revenue. Despite this role, declining per capita meat consumption has slowed growth prospects. Disease outbreaks and a growing awareness of the health risks associated with red meat consumption have threatened Canadian appetites for steaks and fresh meats. Even so, meat products remain staples in the Canadian diet. Revenue has expanded at an expected CAGR of 3.4% to $42.9 billion through the current period, including a 0.9% jump in 2023.

The associated risks of obesity, heart disease and certain cancers have played... Learn More

10. Wheat Farming in Canada

Exports for 2024: $11.4B

Canadian wheat farms have grown despite considerable economic volatility through the end of 2023. The industry is highly globalized and reliant on trade, which has improved following the Canadian Wheat Board being dismantled in 2012; the board had restricted the marketing freedom of farms. Demand for Canadian wheat abroad has risen due to its high quality. Additionally, favourable price increases, driven by world wheat prices, have improved farm revenue and profitability. Improved trade ties with emerging economies have also aided growth by improving overall demand. Wheat farming revenue has grown at a CAGR of 4.0% to $15.1 billion through the... Learn More