Mineral Trade
Information Bulletin
(Published in September 2022)
Canada is a trading nation and its minerals and metals sector (or “minerals sector”) is an important contributor to its success, supplying ores, concentrates, and semi-fabricated and fabricated metal and mineral productsFootnote 1 to over 100 countries.
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 2021, Canada’s minerals and metals sector exportsFootnote 2 increased by 23% year-over-year (YoY), reaching $126.6 billion and accounting for 22% of the total of all Canadian merchandise exports.
The increase is largely attributable to higher prices, which rose by 17% in 2021 according to the Bank of Canada’s metals and minerals price index.
Figure 1: Canadian mineral and metal exports as a percentage of total merchandise exports, 2021
Data table — Figure 1
| Sector | Exports ($ billion) |
|---|---|
| Mineral and metal exports | 126.6 |
| Metals | 101.8 |
| Non-metals | 16.8 |
| Coal | 8.0 |
| Other exports | 455.3 |
| Total merchandise exports | 582.0 |
Sources: Natural Resources Canada, Statistics Canada.
B = billion.
Strong mineral and metal prices helped to support the value of exports for a second consecutive year. In 2020, the price of most minerals and metals initially plunged with the onset of the COVID-19 pandemic and associated response measures, which constrained global consumption. However, the gradual recovery of economic activity and anticipated increase in demand for critical minerals related to the clean energy transition helped to support higher prices for most metals.
Gold followed a different path, as investors flocked to the metal as a safe haven during a period of significant economic turmoil and uncertainty in 2020 and the price rose to a record level of over US$2,000 per ounce. The price subsided in 2021, but remained at historically high levels. Gold is Canada’s top mineral export and accounts for almost a quarter of the total value of mineral and metals exports.
The value of mineral imports also increased, up 18% to $107.1 billion in 2021, representing 17% of Canada’s total merchandise imports.
Higher trade values and greater growth of exports compared to imports combined to propel Canada’s trade balance for minerals and metals up by 48% YoY to reach $23.3 billion in 2021. This is the highest value it has had since 2008.
Figure 2: Mineral and metal trade ($ billions), 2012–21
Data table — Figure 2
| Year | Domestic exports | Total exports | Total imports | Balance of trade |
|---|---|---|---|---|
| 2012 | 88.1 | 91.1 | 77.0 | 14.1 |
| 2013 | 86.9 | 90.0 | 75.0 | 15.0 |
| 2014 | 89.6 | 93.3 | 81.7 | 11.6 |
| 2015 | 92.0 | 96.2 | 83.2 | 13.0 |
| 2016 | 88.7 | 92.9 | 79.5 | 13.4 |
| 2017 | 97.4 | 101.3 | 84.4 | 16.9 |
| 2018 | 104.3 | 108.1 | 90.2 | 17.9 |
| 2019 | 106.0 | 109.7 | 89.4 | 20.3 |
| 2020 | 102.6 | 106.8 | 91.1 | 15.7 |
| 2021 | 126.6 | 130.4 | 107.1 | 23.3 |
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
Mineral products are classified into four stages of processing:
Stage 1 (primary products) includes metal scrap and products from the mining industry, such as ores and concentrates
Stage 2 (smelting and refining products) includes products from metallurgical processes, which are relatively pure minerals, metals and alloys
Stage 3 (semi-fabricated products) includes semi-fabricated products that are inputs in other industries, such as wire, sheets, strips, tubes and flat rolls
Stage 4 (fabricated products) includes further processed products and final goods, such as metal structures and framing, hardware items, tools, cutlery and pipefittings
As shown in Figure 3, Canada exports a much larger value of mineral products for upstream stage 1 and stage 2 products than what it imports. On the other hand, Canada imports a higher value of mineral products for downstream stage 3 and stage 4 products than what it exports. The result is a positive trade balance upstream in the value chain and a negative trade balance further downstream, which reflects Canada’s significant geological endowment and strength in the mining and mineral processing industries relative to its manufacturing capacity.
In 2021, the trade balance for stage 1 and stage 2 products increased by 38% to $31.2 billion and by 9% to $21.1 billion, respectively.
Meanwhile, higher increases in the values of imports relative to exports for stage 3 and stage 4 mineral products resulted in lower trade balances, down 18% to -$7.8 billion and 7% to -$21.2 billion, respectively.
Figure 3: Mineral and metal trade by stage, 2021
Data table — Figure 3
| Stage | Domestic exports | Total exports | Total imports | Balance of trade |
|---|---|---|---|---|
| Stage 1 — Primary products | 43.1 | 43.2 | 12.0 | 31.2 |
| Stage 2 — Smelting and refining products | 40.7 | 40.8 | 19.7 | 21.1 |
| Stage 3 — Semi-fabricated products | 23.2 | 24.3 | 32.0 | -7.8 |
| Stage 4 — Fabricated products | 19.6 | 22.1 | 43.3 | -21.2 |
| Total minerals and metals | 126.6 | 130.4 | 107.1 | 23.3 |
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 continued to be Canada’s principal trading partner for mineral commodities, accounting for 45% of imports and 54% of exports in 2021. The next most important destinations were the United Kingdom (10%), China (7%), Japan (3%) and South Korea (3%). Together, these five countries accounted for 79% of Canada’s mineral exports.
Figure 4: Canada’s mineral exports by country, 2021
Text version — Figure 4
This pie chart shows the United States as the leading destination for Canada’s mineral exports, accounting for 54% of the total, followed by the United Kingdom (10%), China (7%), Japan (3%), South Korea (3%), Germany (2%), Norway (2%), Switzerland (2%), Belgium (2%), Hong Kong (2%) and other countries (13%).
Find out more about Canada’s top three mineral and metal export markets for 2021:
United States
- In 2021, bilateral mineral trade between Canada and the United States was valued at $119.0 billion, a 25% increase compared to the previous year.
- Canada maintained a positive trade balance for minerals and metals with the United States at $23.7 billion in 2021, an increase of 76% over the previous year.
- In 2021, the value of exports to the United States reached $68.5 billion, which represents an increase of 32% compared to the previous year.
- The value of mineral exports was split between upstream stage 1 and stage 2 products (45%) and downstream stage 3 and stage 4 products (55%).
- The top exports were:
- Iron and steel ($18.2 billion or 27% of the total)
- Aluminum ($13.6 billion or 20% of the total)
- Copper ($4.9 billion or 7% of the total)
- Gold ($4.6 billion or 7% of the total)
- Canada is also an important supplier of critical minerals to the United States, including potash, tellurium, niobium and uranium.
- In 2021, Canada’s mineral imports from the United States increased by 16% to $47.7 billion.
- Stage 1 and stage 2 products accounted for 27% of the imports, while stage 3 and stage 4 products accounted for the bulk of the imports at 73%.
- The top imports were:
- Iron and steel ($13.7 billion or 29% of the total)
- Gold ($4.4 billion or 9% of the total)
- Aluminum ($3.4 billion or 7% of the total)
United Kingdom
- Bilateral mineral trade between Canada and the United Kingdom reached $13.6 billion in 2021, down by 23% compared to the previous year.
- Canada has a large positive trade balance for minerals and metals with the United Kingdom, which reached $11.1 billion in 2021.
- Canada’s mineral and metal exports to the United Kingdom decreased by 24% to $12.3 billion in 2021.
- Gold ($11.2 billion) was the leading export, accounting for 91% of the value of mineral exports, followed by uranium ($427.3 million or 3% of the total) and iron ore ($400.7 million or 3% of the total).
- Gold accounted for 52% of Canada’s total merchandise exports value of $21.3 billion to the United Kingdom in 2021. Canada sold 5.4 million ounces of gold to the United Kingdom, accounting for 47% of Canada’s gold exports. Gold flows to the United Kingdom in part because of its role as a financial hub for global gold trade; international investors purchase and sell gold on the London Bullion Market Association.
- In 2021, Canada’s mineral imports from the United Kingdom declined by about 15% to $1.3 billion. Silver is the main metal imported from England, accounting for 40% of total imports.
China
- China is one of the largest global producers and consumers of many minerals and metals.
- In 2021, bilateral mineral trade between Canada and China was valued at $22.4 billion, an increase of 37% compared to last year.
- In 2021, Canada had a negative trade balance for minerals and metals of -$3.4 billion with China.
- The value of mineral exports to China increased by 45% to $9.4 billion in 2021.
- Mineral exports to China are predominantly stage 1 products, which accounted for 91% of the value in 2021.
- The top exports were:
- Coal ($3.5 billion or 37% of the total)
- Iron ore ($2.7 billion or 28% of the total)
- Copper ($1.4 billion or 15% of the total)
- In 2021, Canada’s mineral imports from China increased by 32% to $12.9 billion.
- Mineral imports from China were predominantly stage 4 manufactured goods, which accounted for 75% of the value in 2021.
- The top imports were:
- Iron and steel ($4.5 billion or 35% of the total)
- Aluminum ($1.5 billion or 11% of the total)
- Glass ($864 million or 7% of the total)
Trade by commodity
In 2021, all commodity groups recorded an increase in export value. Metals accounted for the largest share of the value at 81% of the total, followed by non-metals (13%) and coal (6%).
Figure 5: Mineral and metal exports by commodity, 2021
Data table — Figure 5
| Commodity | Domestic exports ($ billion) |
|---|---|
| Metals | 101,765.2 |
| Gold | 21,271.5 |
| Iron and steel | 20,001.8 |
| Aluminum | 15,208.0 |
| Iron ore | 10,094.7 |
| Copper | 9,895.1 |
| Nickel | 4,659.1 |
| Platinum group metals | 3,729.5 |
| Zinc | 2,336.9 |
| Uranium | 1,710.5 |
| Silver | 1,129.8 |
| Other metal products | 11,728.3 |
| Non-metals | 16,820.3 |
| Potash | 6,052.8 |
| Diamonds | 1,377.4 |
| Cement | 1,190.7 |
| Sulphur | 702.4 |
| Other non-metals | 4,985.3 |
| Coal | 8,043.3 |
| Total | 126,628.8 |
Sources: Natural Resources Canada, Statistics Canada.
Metal products
In 2021, the value of exports of metal products increased by 22% compared to the previous year, to reach $101.8 billion. However, Canada’s top exported metal commodities experienced mixed results. The value of exports for 2021:
- Increased for iron and steel (52%), platinum group metals (40%), aluminum (37%), copper (34%), iron ore (32%), zinc (19%) and nickel (19%)
- Decreased for gold (-10%) and silver (-9%)
Gains are generally attributable to higher prices as quantities remained relatively stable compared to last year.
The value of metal imports increased by 18% to $90.4 billion in 2021. Notable gains were observed for zinc (49%), copper (48%), silver (48%), platinum group metals (40%) and aluminum (19%). While prices had a notable impact on the overall increase of values, quantities also increased for some commodities.
Non-metal products
The value of Canada’s exports of non‑metal products increased by 18% to $16.8 billion in 2021. While most non-metal products experienced increases, the bulk of the gain can be attributed to diamonds and potash, which are also Canada’s leading non-metal exports in terms of value.
The value of diamond exports increased by 45% to $2.0 billion in 2021 and their quantity increased by 12% to 17.7 million carats.
The value of potash exports increased by 18% to $7.1 billion in 2021 despite an increase of only 2% in quantity to 21.7 million tonnes. This reflects the increase in potash prices caused by a relatively tight global supply.
An increase in value and quantity of imports was recorded for most non-metal commodities, the majority (91%) of which are stage 3 or stage 4 products. The total value of imports of non-metal products increased by 17% to $15.4 billion in 2021.
Coal and coke products
The value of exports of coal and coke products increased by 64% to $8.0 billion in 2021. This is associated with a notable increase of the price of metallurgical coal, which is used in the manufacturing of steel and accounted for 88% of the value of exports of coal and coke products.
Canada exported 26.2 million tonnes of metallurgical coal in 2021, almost the same amount as the previous year.
Imports of coal and coke products experienced a 20% increase in value to $1.3 billion in 2021. Metallurgical coal accounts for more than one third of the value of the coal and coke products group. Both coal and coke increased in value in 2021, up 8% and 64% respectively.
Trade by province and territory
The majority of Canada’s mineral commodity trade flows to and from Ontario and Quebec, as the two provinces respectively accounted for 44% and 25% of exports. Similarly, Ontario accounted for 60% of imports based on the province of clearance and Quebec, for 18%. This is a function of large portions of mine outputs being processed in these jurisdictions before export and of the prevalence of manufacturing industries. It also reflects the importance of these two provinces as key points for Canadian imports of mineral products, due to their geographic proximity to major consumer markets.
The value of mineral commodity exports increased in most provinces between 2020 and 2021, as shown in Figure 6. The most notable rise in percentage terms occurred in the Yukon (126%), Newfoundland and Labrador (59%), Nunavut (46%), British Columbia (42%), the Northwest Territories (36%), Quebec (28%) and Saskatchewan (26%).
A notable increase in the value of mineral exports was reported for the Yukon in 2021, more than doubling to $161.5 million. The increase was driven by increased copper and gold production at the Minto mine, which restarted operations in late 2019.
In many cases, the increase is largely attributable to one or two commodities:
- High iron ore values were largely responsible for the increase in Newfoundland and Labrador
- High iron ore values were also largely responsible for the increase in Nunavut, but higher values for gold also contributed to the increase
- High metallurgical coal exports and prices were largely responsible for the increase in British Columbia. Canada is the fourth largest global exporter of metallurgical coal, 99% of which comes from British Columbia.
- High potash prices were the leading contributor to the increase in Saskatchewan. Canada is the leading global producer and exporter of potash, almost all of which is mined in Saskatchewan.
- High diamond exports and prices were the leading causes of the increase in the Northwest Territories. Canada is the third largest global producer of rough diamonds, most of which comes from mines in the Northwest Territories.
Figure 6: Variation of mineral export values between 2020 and 2021, by province and territory
Text version — Figure 6
This chart displays the variation of the value of mineral and metal exports between 2020 and 2021, by province and territory. The Yukon experienced the greatest increase at 126%, followed by Newfoundland and Labrador (59%), Nunavut (46%), British Columbia (42%), the Northwest Territories (36%), Quebec (28%), Saskatchewan (26%), Nova Scotia (17%), Manitoba (17%), Alberta (16%) and Ontario (14%). Declines were recorded in New Brunswick (-20%) and Prince Edward Island (-25%). The overall value for Canada increased by 23%.
Mineral commodity exports represented a significant proportion of total exports for many provinces and territories. They accounted for nearly all of the merchandise exports from Canada’s three territories and over a quarter for Newfoundland and Labrador, Quebec, Ontario and British Columbia.
Tables
| Country | Domestic exports | Total exports | Total imports | Balance of trade |
|---|---|---|---|---|
| United States | 68,513.0 | 71,328.7 | 47,659.2 | 23,669.5 |
| United Kingdom | 12,255.8 | 12,383.6 | 1,254.7 | 11,129.0 |
| China | 9,437.9 | 9,504.4 | 12,859.3 | -3,354.8 |
| Japan | 4,215.5 | 4,233.4 | 1,177.5 | 3,055.9 |
| South Korea | 3,690.4 | 3,700.7 | 1,794.8 | 1,905.9 |
| Germany | 3,137.1 | 3,259.1 | 2,695.6 | 563.6 |
| Norway | 2,737.3 | 2,739.4 | 198.3 | 2,541.1 |
| Switzerland | 2,301.2 | 2,308.8 | 672.2 | 1,636.6 |
| Belgium | 2,190.9 | 2,201.8 | 590.5 | 1,611.3 |
| Hong Kong | 2,082.2 | 2,108.2 | 129.5 | 1,978.8 |
| Netherlands | 1,892.4 | 2,046.2 | 443.5 | 1,602.7 |
| India | 1,444.1 | 1,454.7 | 1,491.1 | -36.4 |
| Brazil | 1,358.6 | 1,369.7 | 5,089.5 | -3,719.9 |
| Mexico | 1,262.8 | 1,340.5 | 4,356.6 | -3,016.1 |
| Taiwan | 1,231.7 | 1,233.9 | 2,070.7 | -836.8 |
| France | 915.7 | 952.4 | 741.1 | 211.3 |
| Indonesia | 691.2 | 696.4 | 262.5 | 434.0 |
| Spain | 642.9 | 647.7 | 538.6 | 109.1 |
| Malaysia | 516.4 | 521.5 | 181.4 | 340.1 |
| Philippines | 460.5 | 466.1 | 277.5 | 188.6 |
| Other countries | 5,651.2 | 5,934.8 | 22,603.2 | -16,668.4 |
| Total | 126,628.8 | 130,432.2 | 107,087.2 | 23,344.9 |
Sources: Natural Resources Canada, Statistics Canada.
| Province and territory | Domestic mineral exports | Total mineral exports | Total mineral imports | Total domestic exports | Domestic mineral exports as a percentage of the total |
|---|---|---|---|---|---|
| Newfoundland and Labrador | 5,069,157 | 5,720,689 | 124,421 | 14,432,055 | 35.1% |
| Prince Edward Island | 17,151 | 17,785 | 31,726 | 1,696,440 | 1.0% |
| Nova Scotia | 427,169 | 441,159 | 604,841 | 6,170,375 | 6.9% |
| New Brunswick | 421,001 | 430,730 | 531,154 | 14,746,931 | 2.9% |
| Quebec | 31,688,974 | 31,887,075 | 19,071,341 | 97,996,316 | 32.3% |
| Ontario | 55,225,325 | 58,627,044 | 64,397,954 | 196,797,747 | 28.1% |
| Manitoba | 1,173,175 | 1,179,340 | 4,050,428 | 17,412,230 | 6.7% |
| Saskatchewan | 8,005,103 | 8,006,344 | 1,837,134 | 37,105,685 | 21.6% |
| Alberta | 3,872,215 | 3,922,342 | 4,085,413 | 138,054,673 | 2.8% |
| British Columbia | 17,084,719 | 17,199,905 | 12,351,900 | 53,860,015 | 31.7% |
| Yukon | 161,505 | 164,445 | 904 | 166,987 | 96.7% |
| Northwest Territories | 1,693,285 | 1,693,285 | 4 | 1,694,482 | 99.9% |
| Nunavut | 1,790,018 | 1,790,024 | 3 | 1,790,982 | 99.9% |
| Canada | 126,628,797 | 130,432,167 | 107,087,223 | 581,924,921 | 21.8% |
Sources: Natural Resources Canada, Statistics Canada.
- Date modified: