Biggest Exporting Industries in Canada in 2023

1. Oil Drilling & Gas Extraction in Canada

Exports for 2023: $146.5B

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. SUV & Light Truck Manufacturing in Canada

Exports for 2023: $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

3. Petroleum Refining in Canada

Exports for 2023: $15.8B

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

4. Aircraft, Engine & Parts Manufacturing in Canada

Exports for 2023: $14.7B

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. Sawmills & Wood Production in Canada

Exports for 2023: $14.0B

Sawmill and wood producers in Canada have experienced revenue growth throughout 2023. The industry has experienced complicated operating conditions due to the lingering effects of several wildfires in the area and the spread of COVID-19. The industry has experienced strong demand from key downstream consumers during most of the period, such as the US housing market, which is the largest buyer of industry goods. But increased operating costs related to a fibre shortage and volatile exports are expected to reduce industry profit. Profit, measured as earnings before interest and taxes, is expected to decrease, accounting for 7.2% in 2023. While... Learn More

6. Meat, Beef & Poultry Processing in Canada

Exports for 2023: $11.7B

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

7. Copper, Zinc & Lead Refining in Canada

Exports for 2023: $11.7B

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

8. Aluminum Manufacturing in Canada

Exports for 2023: $11.1B

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

9. Wheat Farming in Canada

Exports for 2023: $10.5B

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

10. Iron & Steel Manufacturing in Canada

Exports for 2023: $10.2B

Iron and steel manufacturers melt and refine iron ore into pig iron, which is processed into steel and shaped in various shapes for downstream construction- and manufacturing-related industries. Manufacturers are directly affected by changing prices for steel. Volatility in steel prices has increased since the COVID-19 pandemic. A limited global supply of steel has caused a sharp uptick in the price of steel alongside growing demand. Revenue is expected to grow at a CAGR of 3.0% to $18.9 billion through the end of 2023, despite a decline of 6.9% in 2023 alone.

Revenue for manufacturers follows a variety of factors, including... Learn More