Mineral Trade

Information Bulletin

(Published in December 2024)

Canada is a trading nation, with its minerals and metals sector (or “minerals sector”) playing a crucial role in its success, supplying ores, concentrates, and semi-fabricated and fabricated products^{Footnote 1} to nearly every country worldwide.

Find out how Canada’s mineral trade is performing:

• Overview
• Trade by stage of processing
• Canada’s principal mineral trading partners
• Trade by commodity
• Trade by province and territory
• Tables

Overview

In 2023, Canada’s minerals and metals sector exports^{Footnote 2} decreased by 2% year-over-year, totaling $150.7 billion and accounting for 21% of all Canadian merchandise exports.

The decline in exports was primarily driven by a significant 17% drop in prices in 2023, as reflected in the Bank of Canada’s metals and minerals price index.

Figure 1: Canadian minerals and metals exports as a percentage of total merchandise exports, 2023

Data table – Figure 1

Figure 1: Canadian minerals and metals exports as a percentage of total merchandise exports, 2023

Sector	Exports ($ billion)
Mineral and metal exports	150.7
Metals	115.5
Non-metals	22.4
Coal	12.8
Other exports	561.6
Total merchandise exports	712.3

Sources: Natural Resources Canada, Statistics Canada.
B = billion.

Contributing factors to declining metal prices included oversupply in key commodities, the easing of supply chain disruptions caused by the Russian invasion of Ukraine, and weaker demand in major markets like China, Japan and South Korea.

Gold, however, defied this trend. Amid global economic uncertainty, central banks ramped up gold purchases to diversify reserves, hedge against inflation and mitigate geopolitical risks. This surge in demand pushed gold prices to record highs, cementing its status as Canada’s top mineral export and contributing nearly one fifth of the sector’s total export value.

As a result of these variations in commodity price changes, gold exports soared by 34%, while other commodities collectively dropped in value by 8%.

Mineral imports also dipped slightly, falling 2% to $124.3 billion and making up 16% of Canada’s total merchandise imports.

The value of total mineral exports (domestic exports plus re-exports) declined less than 1% in 2023. However, with imports decreasing at a faster rate, Canada’s trade balance (total exports minus imports) for minerals and metals grew by 5% year-over-year, reaching $32.7 billion – its highest value since 2008.

Figure 2: Mineral and metal trade, 2014–23

Data table – Figure 2

Figure 2: Mineral and metal trade ($ billions), 2014–23

Year	Domestic exports	Total exports	Total imports	Balance of trade
2014	89.5	93.3	81.7	11.6
2015	91.9	96.1	83.2	12.9
2016	88.6	92.8	79.5	13.3
2017	97.3	101.3	84.4	16.9
2018	104.3	108.1	90.2	17.9
2019	106.0	109.6	89.4	20.2
2020	102.6	106.8	91.3	15.5
2021	127.0	130.8	107.3	23.5
2022	153.1	157.8	126.8	31.0
2023	150.7	157.0	124.3	32.7

Note: Domestic exports are displayed in Figure 2. However, total exports (including re-exports) are used to calculate the balance of trade.
Sources: Natural Resources Canada, Statistics Canada.

Trade by stage of processing

Figure 3: Mineral and metal trade by stage, 2023

Data table – Figure 3

Figure 3: Mineral and metal trade by stage ($ billions), 2023

Stage	Domestic exports	Total exports	Total imports	Balance of trade
Stage 1 — Primary products	50.4	50.4	15.0	35.4
Stage 2 — Smelting and refining products	50.7	52.3	24.5	27.9
Stage 3 — Semi-fabricated products	27.4	29.0	32.1	-3.1
Stage 4 — Fabricated products	22.1	25.2	52.7	-27.5
Total minerals and metals	150.7	157.0	124.3	32.8

Note: Total exports (including re-exports) are displayed in Figure 3. Total exports (including re-exports) are used to calculate the balance of trade.
Sources: Natural Resources Canada, Statistics Canada.

Canada’s principal mineral trading partners

The United States remained Canada’s top destination for mineral exports in 2023, representing 56% of total shipments. Other key markets included China (7%), the United Kingdom (6%), Japan (4%), South Korea (3%), and Switzerland (3%). Together, these six countries accounted for 79% of Canada’s mineral exports.

Figure 4: Canada’s mineral exports by country, 2023

Text version – Figure 4

This pie chart illustrates Canada’s mineral exports by country, with the United States as the leading destination, accounting for 56% of the total. Other notable destinations include China (7%), United Kingdom (6%), Japan (4%), South Korea (3%), Switzerland (3%), Hong Kong (2%), Netherlands (2%), Brazil (2%), and India (2%). Collectively, other countries account for the remaining 13%.

Sources: Natural Resources Canada, Statistics Canada.

Find out more about Canada’s top three mineral and metal export markets for 2023 :

• United States
• China
• United Kingdom

Trade by commodity

In 2023, the export value of metals rose by 4%, while it dropped for non-metals and coal by 20% and 13%, respectively. Metals accounted for the largest share of total export value at 77%, followed by non-metals at 15% and coal at 8%.

Figure 5: Mineral and metal exports by commodity, 2023

Data table – Figure 5

Figure 5: Mineral and metal exports by commodity, 2023

Commodity	Domestic exports ($ millions)
Metals	115,490
Gold	30,172
Iron and steel	21,872
Aluminum	16,877
Copper	9,307
Iron ore	8,946
Nickel	5,876
Uranium	3,230
Platinum group metals	2,592
Zinc	2,053
Silver	1,501
Other metals	13,064
Non-metals	22,410
Potash	11,570
Diamonds	2,178
Cement	1,243
Sulphur	954
Other non-metals	6,465
Coal	12,761
Total	150,660

Sources: Natural Resources Canada, Statistics Canada.

Metal products

In 2023, the value of metal product exports rose by 4% compared to the previous year, reaching $115.5 billion. However, Canada’s top exported metals saw mixed results. Export values increased for gold (34%), silver (17%), iron ore (2%) and uranium (45%), while they decreased for iron and steel (-4%), aluminum (-7%), copper (-1%), nickel (-16%), platinum group metals (-15%), and zinc (-16%).

Metal imports fell by 1% to $104.3 billion in 2023, with varied results across commodities. Imports increased for gold (21%), iron ore (15%), and nickel (34%). Conversely, declines were observed for iron and steel (-4%), aluminum (-9%), copper (-6%), platinum group metals (-31%), zinc (-35%), uranium (-41% ), and silver (-8%).

Non-metal products

In 2023, the value of Canada’s non-metal exports declined by 20% to $22.4 billion. This drop was largely driven by potash and diamonds, which are also Canada’s leading non-metal exports in terms of value.

Potash exports fell by 30% to $11.6 billion in 2023. During the COVID-19 pandemic, potash supplies were disrupted due to production issues, a situation exacerbated by economic sanctions imposed on Russia – the world’s second-largest potash producer after Canada – following its invasion of Ukraine. Russia’s restriction of fertilizer exports led to a surge in potash prices in 2021 and 2022. However, by 2023, prices had plummeted as global supply concerns eased.

Diamonds exports decreased by 15% to $2.2 billion in 2023, despite the quantity exported remaining steady at 16.0 million carats. The drop in value was primarily due to a decline in the price of diamonds over the year.

Most non-metal commodities, 93% of which are stages 3 or 4 products, also saw a decrease in both value and quantity of imports. As a result, the total value of non-metal imports dropped by 13% to $17.7 billion in 2023.

Coal and coke products

In 2023, the value of exports of coal and coke products declined by 13% to $12.8 billion. This drop was primarily driven by a significant decrease in the price of metallurgical coal, which is used in steel manufacturing and accounted for 84% of the total export value.

Meanwhile, imports of coal and coke products rose by 10% to $2.3 billion in 2023, with metallurgical coal making up 42% of the import value. Both coal and coke imports increased in value, with coal rising by 10% and coke by 9%.

Critical minerals^{Footnote 3}

In March 2021, the Government of Canada published a list of 31 critical minerals deemed essential for the sustainable economic success of Canada and its allies. Since then, the Government of Canada has made significant financial commitments in budgets and launched the Canadian Critical Minerals Strategy. In 2024, the list was updated through consultations with provinces, territories, industry stakeholders and Indigenous organizations. The 2024 update introduced three new critical minerals:

• High-purity iron – Essential to green steel-making and decarbonization
• Phosphorous – Essential for batteries and food security
• Silicon metal – Essential for semiconductors and computer chips

In 2023, the value of critical minerals exports declined by 13% to $50.3 billion (Table 3). This drop was primarily due to falling prices, particularly for potash, aluminum and nickel. Aluminum led in export value at 30%, followed by potash (23%), copper (18%), nickel (11%), uranium (6%), and zinc (4%). Together, these minerals comprised 92% of critical minerals exports.

The value of critical minerals imports fell by 14% to $21.1 billion, driven largely by a decrease in aluminum prices. Aluminum (including alumina for processing into aluminum) accounted for 34% of the import value, followed by copper (22%), platinum group metals (12%), nickel (8%), zinc (6%) and uranium (5%). Together, these minerals comprised 87% of critical minerals imports.

Canada is the world’s fourth largest producer and second largest exporter of aluminum. However, with no domestic bauxite mines (the key ingredient for aluminum production), Canada imports ores and refined alumina for production. Brazil is Canada’s main supplier of alumina and bauxite, accounting for 73% of the $2.3 billion in imports in 2023.

In 2023, Canada’s critical minerals trade balance declined 11% year-over-year to $30.0 billion.

The United States remained Canada’s top trading partner for critical minerals in 2023 (Table 4), with total trade valued at $38.2 billion, reflecting a 10% decline from the previous year. Exports to the United States reached $29.8 billion, accounting for 59% Canada’s total critical minerals exports. Meanwhile, imports from the United States were $8.4 billion in total, or 40% of Canada’s critical minerals imports. Canada maintained a positive trade balance with the United States at $21.8 billion, although this represented an 11% decrease over the previous year.

China was Canada’s second largest critical minerals trading partner, with trade totaling $5.1 billion, followed by Brazil ($4.6 billion) and Norway ($2.3 billion). Exports to China amounted to $3.4 billion, while imports totaled $1.7 billion. Copper ($1.6 billion) and potash ($904 million) were the top exports, accounting for 74% of the total export value. On the import side, aluminum ($978 million, mostly in stage 3 products) and magnesium ($315 million) were the largest imports, representing 77% of Canada’s critical minerals imports from China.

As illustrated in Figure 6, most critical minerals exports are concentrated in stages 1 and 2 of the value chain, reflecting Canada’ s upstream strength in critical minerals processing.

Figure 6: Critical minerals trade by stage, 2023

Data table – Figure 6

Figure 6: Critical minerals trade by stage ($ billions), 2023

Stage	Domestic exports	Total exports	Total imports	Balance of trade
Stage 1 — Primary products	19.5	19.5	4.7	14.8
Stage 2 — Smelting and refining products	21.5	21.6	7.7	13.9
Stage 3 — Semi-fabricated products	9.3	10.0	8.6	1.4
Total minerals and metals	50.3	51.1	21.1	30.0

Note: Total exports (including re-exports) are displayed in Figure 6. Total exports (including re-exports) are used to calculate the balance of trade.
Sources: Natural Resources Canada, Statistics Canada.

Trade by province and territory

Most of Canada’s mineral trade is concentrated in Ontario and Quebec, with these two provinces accounting for 42% and 24% of exports, respectively. Ontario also led mineral imports, representing 62% of the total, while Quebec followed at 17%. This pattern reflects the significant processing of mine outputs within these provinces before export, along with the high concentration of manufacturing industries. It also highlights the strategic importance of Ontario and Quebec as entry points for Canadian imports, due to their proximity to major consumer markets.

From 2022 to 2023, provincial and territorial mineral export values showed mixed results, as illustrated in Figure 7. Most regions experienced a decline in exports, including Northwest Territories (-13%), Yukon (-47%), British Columbia (-7%), Alberta (-11%), Saskatchewan (-19%), New Brunswick (-20%), and Newfoundland and Labrador (-12%). Manitoba remained flat at 0.1%. However, some regions saw increases, including Nunavut (36%), Ontario (4%), Quebec (12%), Nova Scotia (13%), and Prince Edward Island (1%).

In several cases, the declining values were driven by one or two commodities:

• British Columbia and Alberta were primarily affected by lower metallurgical coal exports and prices. Canada is the fourth largest exporter of metallurgical coal globally, with 99% sourced from British Columbia.
• Saskatchewan experienced a decline that was largely due to lower potash prices. Canada is the leading global producer and exporter of potash, which is almost totally mined in Saskatchewan.
• Yukon’s drop in copper exports and prices was a major factor. In 2022, copper accounted for 69% of Yukon’s mineral exports; however, in 2023, this share fell to 21% after copper exports plunged 70%.
• New Brunswick recorded a drop that was driven by a 46% reduction in iron and steel exports, which made up 28% of the province’s mineral exports in 2023, down from 41% in 2022.

Figure 7: Variation of mineral export values between 2022 and 2023, by province and territory

Text version — Figure 7

This chart illustrates the changes in the value of mineral and metal exports across provinces and territories between 2022 and 2023. Yukon saw the largest decline (-47%), followed by New Brunswick (-20%), Saskatchewan (-19%), Northwest Territories (-13%), Newfoundland and Labrador (-12%), Alberta (-11%), and British Columbia (-7%). These lower values were offset by increases in other regions, with Nunavut recording the highest rise (36%), followed by Nova Scotia (13%), Quebec (12%), Ontario (4%), and Prince Edward Island (1%). Manitoba remained steady with a 0.1% increase. Overall, Canada experienced a 2% decline in the total export value.

Sources: Natural Resources Canada, Statistics Canada.

Mineral commodity exports made up a substantial portion of total exports for several provinces and territories. They comprised nearly all the merchandise exports from Canada’s three territories and over a quarter of the exports for British Columbia, Saskatchewan, Ontario, Quebec, and Newfoundland and Labrador.

Tables

Sources: Natural Resources Canada, Statistics Canada.

Sources: Natural Resources Canada, Statistics Canada.

Sources: Natural Resources Canada, Statistics Canada.

Sources: Natural Resources Canada, Statistics Canada.