Mineral Trade

Information Bulletin

(Published in September 2025)

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 productsFootnote 1 to nearly every country worldwide.

Find out how Canada’s mineral trade is performing:

Overview

In 2024, Canada’s minerals sector exportsFootnote 2 rose by 2% year-over-year to reach $153.3 billion, accounting for 21% of all Canadian merchandise exports.

This growth was largely driven by a 33% increase in the value of gold exports, spurred by record-high gold prices throughout the year. A modest 2% recovery in commodity prices—reflected in the Bank of Canada’s metals and minerals price index—also supported the overall gain.

Figure 1. Canadian minerals and metals exports as a percentage of total merchandise exports, 2024

Figure 1. Canadian minerals and metals exports as a percentage of total merchandise exports, 2024

Data table – Figure 1
Figure 1. Canadian minerals and metals exports as a percentage of total merchandise exports, 2024
Sector Exports ($ billion)
Mineral and metal exports 153.3
Metals 125.0
Non-metals 18.0
Coal 10.2
Other exports 567.8
Total merchandise exports 721.1

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

Gold maintained its strong performance in 2024, continuing to break price records amid heightened global economic uncertainty, which led investors to increase their holdings of the traditional safe haven asset. Central banks significantly increased their gold purchases as a strategy to diversify reserves, hedge against inflation, and reduce exposure to geopolitical risks. This surge in demand extended gold’s lead as Canada’s top mineral export, accounting for more than a quarter of the sector’s total export value.

Total mineral imports also increased slightly in 2024, rising 1% to $125.7 billion and making up 16% of Canada’s total merchandise imports.

The value of total mineral exports (domestic exports plus re-exports) increased by 2% in 2024. With exports increasing at a faster rate than imports, Canada’s trade balance (total exports minus imports) for minerals and metals grew by 5% year-over-year, reaching $34.5 billion—its highest value since 2008.

Figure 2. Minerals and metals trade, 2015–2024

Figure 2. Minerals and metals trade, 2015–2024

Data table – Figure 2
Figure 2. Mineral and metal trade ($ billions), 2015–2024
Year Domestic exports Total exports Total imports Balance of trade
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 150.7 157.1 124.2 32.9
2024 153.3 160.2 125.7 34.5

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

As illustrated in Figure 3, Canada exports significantly more mineral products in the upstream stages 1 and 2 than it imports. Conversely, it imports a higher value of mineral products in the downstream stages 3 and 4 than it exports. This results in a positive trade balance in the upstream segments of the value chain and a negative balance downstream, reflecting Canada’s rich geological resources and strong mining and mineral processing capabilities compared to its more limited manufacturing capacity.

In 2024, the trade balance for stage 1 products dropped by 21% to $28.1 billion, while for stage 2 products, it increased by 38% to $38.6 billion. Stage 3 products saw an improvement, rising to -$1.2 billion from -$3.1 billion in the previous year, while stage 4 products decreased to -$30.9 billion from -$27.5 billion in the previous year.

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 input 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.

Figure 3: Mineral and metal trade by stage, 2024

Figure 3: Mineral and metal trade by stage, 2024

Data table – Figure 3
Figure 3. Mineral and metal trade by stage ($ billions), 2024
Stage Domestic exports Total exports Total imports Balance of trade
Stage 1 — Primary products 44.0 44.0 15.9 28.1
Stage 2 — Smelting and refining products 61.1 62.5 23.9 38.6
Stage 3 — Semi-fabricated products 27.3 29.3 30.5 -1.2
Stage 4 — Fabricated products 20.8 24.4 55.3 -30.9
Total minerals and metals 153.3 160.2 125.7 34.6

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 2024, representing 52% of total shipments. Other key markets included the United Kingdom (15%), China (6%), Switzerland (4%), Japan (3%), and South Korea (3%). Together, these six countries accounted for 83% of Canada’s mineral exports.

Figure 4. Canada’s mineral exports by country, 2024

Figure 4. Canada’s mineral exports by country, 2024

Text version – Figure 4

This pie chart illustrates Canada’s mineral exports by country, with the United States as the leading destination, accounting for 52% of the total. Other notable destinations included the United Kingdom (15%), China (6%), Switzerland (4%), Japan (3%), South Korea (3%), the Netherlands (2%), Belgium (1%), Germany (1%), and Hong Kong (1%). Collectively, other countries account for the remaining 11%.

Sources: Natural Resources Canada, Statistics Canada.

Find out more about Canada’s top three mineral and metal export markets for 2024:

United States
  • In 2024, bilateral mineral trade between Canada and the United States was valued at $142.0 billion, marking a 3% decrease from the previous year.
  • Canada maintained a significant positive trade balance in minerals and metals with the United States, reaching $26.8 billion in 2024. However, this was a 15% decline from the previous year.
  • The value of exports to the United States in 2024 amounted to $79.6 billion, reflecting a 5% decline compared to the previous year.
    • Mineral exports were divided between upstream stage 1 and 2 products (47%) and downstream stage 3 and 4 products (53%).
    • The leading exports included:
      • Iron and steel ($18.7 billion, or 23% of the total)
      • Aluminum ($15.8 billion, or 20% of the total)
      • Gold ($9.2 billion, or 12% of the total)
      • Copper ($5.6 billion, or 8% of the total)
      • Potash ($4.2 billion, or 5% of the total)
    • Canada also plays a crucial role as a supplier of critical minerals to the United States, including uranium, tellurium, and niobium.
  • In 2024, Canada’s mineral imports from the United States increased by 1% to $57.6 billion.
    • Stage 1 and 2 products comprised 28% of the imports, while stage 3 and 4 products accounted for the majority at 72%.
    • The top imports included:
      • Iron and steel ($15.7 billion, or 27% of the total)
      • Gold ($6.7 billion, or 12% of the total)
      • Aluminum ($4.2 billion, or 7% of the total)
United Kingdom
  • In 2024, bilateral mineral trade between Canada and the United Kingdom was valued at $24.1 billion, a 126% increase compared to the previous year, driven primarily by a surge in gold exports.
  • Canada maintained a positive trade balance for minerals and metals with the United Kingdom, valued at $22.7 billion in 2024.
  • Canada’s mineral and metal exports to the United Kingdom increased by 141% to $22.7 billion in 2024.
    • Gold was the leading export, valued at $21.8 billion, which accounted for 96% of the total value of mineral exports. Other notable exports included uranium ($560 million or 2% of the total) and iron ore ($140 million or 1% of the total).
    • Gold comprised 81% of Canada’s total merchandise exports value of $27.0 billion to the United Kingdom in 2024. Canada exported 201 tonnes of gold to the United Kingdom in 2024, representing 52% of its total gold exports. This flow of gold is mainly due to the United Kingdom’s role as a financial hub for global gold trade, where international investors actively buy and sell gold on the London Bullion Market Association.
  • In 2024, Canada’s mineral imports from the United Kingdom declined by 19% to $687 million. The primary metals imported were iron and steel, which accounted for 34% of total imports, followed by gold and nickel at 7% each.
China
  • China is one of the largest global producers and consumers of various minerals and metals.
  • In 2024, bilateral mineral trade between Canada and China was valued at $24.4 billion, a 1% increase compared to the previous year.
  • Canada had a negative trade balance for minerals and metals with China, amounting to -$5.3 billion in 2024.
  • The value of mineral exports to China fell by 9% to $9.5 billion in 2024.
    • These exports were predominantly stage 1 products, which accounted for 94% of the total value.
    • The leading exports included:
      • Coal ($2.8 billion, or 29% of the total)
      • Iron ore ($2.4 billion, or 26% of the total)
      • Copper ($2.0 billion, or 21% of the total)
      • Gold ($504 million, or 5% of the total)
      • Potash ($500 million, or 5% of the total)
  • In 2024, Canada’s mineral imports from China increased by 8% to $14.9 billion.
    • These imports were predominantly stage 4 manufactured goods, which constituted 73% of the value.
    • The top imports included:
      • Iron and steel ($4.9 billion, or 33% of the total)
      • Aluminum ($1.8 billion, or 12% of the total)
      • Glass ($798 million, or 5% of the total)

Trade by commodity

In 2024, the export value of metals rose by 8%, while it dropped for non-metals and coal by 19% and 20%, respectively. Metals accounted for the largest share of total export value at 82%, followed by non-metals at 12% and coal at 7%.

Figure 5. Mineral and metal exports by commodity, 2024

Figure 5. Mineral and metal exports by commodity, 2024

Data table – Figure 5
Figure 5. Mineral and metal exports by commodity, 2024
Commodity Domestic exports ($ millions)
Metals 125,045
Gold 40,231
Iron and steel 20,593
Aluminum 17,396
Copper 10,660
Iron ore 8,767
Nickel 4,616
Uranium 4,958
Zinc 1,956
Silver 1,718
Platinum group metals 1,413
Other metals 12,737
Non-metals 18,045
Potash 7,954
Diamonds 1,519
Sulphur 1,268
Sulphur and sulphur compounds 788
Other non-metals 6,516
Coal 10,175
Total 153,272

Sources: Natural Resources Canada, Statistics Canada.

Metal products

In 2024, the value of metal product exports rose by 8% compared to the previous year, reaching $125.0 billion. However, Canada’s top exported metals saw mixed results. Export values increased for uranium (53%), gold (33%), copper (15%), silver (14%), and aluminum (3%), while they decreased for platinum group metals (-45%), nickel (-21%), iron and steel (-6%), zinc (-5%), and iron ore (-2%).

Metal imports increased by 2% to $106.2 billion in 2024, with varied results across commodities. Imports increased for aluminum (13%), zinc (13%), copper (12%), and gold (10%). Conversely, declines were observed for uranium (-37%), nickel (-25%), platinum group metals (-24%), and iron and steel (-4%), while iron ore imports did not change from the previous year.

Non-metal products

In 2024, the value of Canada’s non-metal exports declined by 19% to $17.6 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 31% to $8.0 billion in 2024. During the COVID-19 pandemic, the global potash supply was disrupted by production challenges, a situation further compounded by economic sanctions on Russia—the world’s second-largest potash producer after Canada—following its invasion of Ukraine. Russia’s restrictions on fertilizer exports contributed to a surge in potash prices in 2021 and 2022. However, prices dropped sharply in 2023 as global supply concerns subsided and continued to decline into 2024.

Diamond exports decreased by 30% to $1.5 billion in 2024, primarily because of a 21% decline in the quantity exported.

Non-metal imports, 90% of which are stage 3 or 4 products, saw a 1% decline in 2024 to $17.6 billion.

Coal and coke products

In 2024, the value of exports of coal and coke products declined by 20% to $10.2 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 87% of the total export value.

Meanwhile, imports of coal and coke products also declined in 2024, by 15% to $1.9 billion. Metallurgical coal made up 27% of the import value, down from 42% in 2023.

Critical minerals

The Government of Canada unveiled the Canadian Critical Minerals Strategy in December 2022 as a foundational step toward securing a sustainable and resilient supply of minerals vital to the country's economic prosperity, national security, and clean energy transition. Canada released an updated list of critical minerals in 2024 through consultations with provinces, territories, industry stakeholders and Indigenous organizations.

In 2024, the value of critical mineralsFootnote 3exports declined by 4% to $48.1 billion (Table 3). This drop was primarily due to falling prices, particularly for potash, aluminum and nickel. Aluminum led in export value at 33%, followed by copper (22%), potash (17%), uranium (10%), nickel (9%), and zinc (4%). Together, these minerals comprised 94% of critical minerals exports.

The value of critical minerals imports stayed the same at $21.0 billion. Aluminum (including alumina for processing into aluminum) accounted for 39% of the import value, followed by copper (25%), platinum group metals (7%), zinc (6%), nickel (5%), and uranium (5%). Together, these minerals comprised 88% 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 $3.0 billion in imports in 2024.

In 2024, Canada’s critical minerals trade balance declined 5% year-over-year to $28.4 billion.

The United States remained Canada’s top trading partner for critical minerals in 2024 (Table 4), with total trade valued at $39.2 billion, reflecting a 2% increase from the previous year. Exports to the United States reached $30.7 billion, accounting for 63% of Canada’s total critical minerals exports. Meanwhile, imports from the United States were $8.2 billion in total, or 39% of Canada’s critical minerals imports. Canada maintained a positive trade balance with the United States at $22.9 billion, reflecting a 5% increase over the previous year.

China was Canada’s second-largest critical minerals trading partner, with trade totaling $5.0 billion, followed by Brazil ($3.7 billion) and the Netherlands ($2.0 billion). Exports to China amounted to $3.0 billion, while imports totaled $2.0 billion. Copper ($2.0 billion) and potash ($500 million) were the top exports, accounting for 83% of the total export value. On the import side, aluminum ($1.3 billion, mostly in stage 3 products) and magnesium ($266 million) were the largest imports, representing 79% 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, 2024

Figure 6. Critical minerals trade by stage, 2024

Data table – Figure 6
Figure 6. Critical minerals trade by stage ($ billions), 2024
Stage Domestic exports Total exports Total imports Balance of trade
Stage 1 — Primary products 16.2 16.2 4.6 11.6
Stage 2 — Smelting and refining products 20.6 20.6 8.3 12.4
Stage 3 — Semi-fabricated products 11.3 12.5 8.4 4.0
Total minerals and metals 48.1 49.4 21.3 28.1

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 56% and 20% of exports, respectively. Ontario also led mineral imports, representing 62% of the total, while Quebec followed at 16%. 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 because of their proximity to major consumer markets.

From 2023 to 2024, provincial and territorial mineral export values showed mixed results, as illustrated in Figure 7. Most regions experienced a decline in the value of exports, including New Brunswick (-50%), Nunavut (-19%), the Northwest Territories (-18%), British Columbia (-11%), Quebec (-10%), Manitoba (-7%), Alberta (-6%), and Newfoundland and Labrador (-3%). However, some regions saw increases, including Yukon (57%), Saskatchewan (23%), Nova Scotia (19%), Ontario (13%), and Prince Edward Island (12%).

Figure 7. Variation of mineral export values between 2023 and 2024, by province and territory

Figure 7. Variation of mineral export values between 2023 and 2024, 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 2023 and 2024. New Brunswick saw the largest decline (-50%), followed by Nunavut (-19%), the Northwest Territories (-18%), British Columbia (-11%), Quebec (10%), Manitoba (-7%), Alberta (6%), and Newfoundland and Labrador (-3%). These lower values were offset by increases in other regions, with Yukon recording the highest rise (57%), followed by Saskatchewan (23%), Nova Scotia (19%), Ontario (13%), and Prince Edward Island (12%). Overall, Canada experienced a 2% decline in the total export value.

Sources: Natural Resources Canada, Statistics Canada.

Mineral commodity exports represented a significant share of total merchandise exports for several provinces and territories—making up nearly half of British Columbia’s exports, 37% of Yukon’s, one third of Ontario’s, 31% of Nunavut’s, and one quarter of Quebec’s.

Tables

Table 1. Canada’s mineral exports by country ($ millions), 2024
Country Domestic exports Total exports Total imports Balance of trade
United States 79,632 84,416 57,607 26,810
United Kingdom 22,737 23,426 686 22,740
China 9,483 9,522 14,871 -5,348
Switzerland 5,485 5,491 2,570 2,921
Japan 5,342 5,356 2,573 2,782
South Korea 4,614 4,623 2,256 2,366
Netherlands 3,127 3,567 339 3,228
Belgium 2,201 2,215 361 1,854
Germany 2,149 2,449 2,691 -242
Hong Kong 2,070 2,104 70 2,034
India 2,067 2,082 1,742 340
Norway 1,947 1,957 122 1,835
Mexico 1,380 1,513 5,077 -3,564
Brazil 1.241 1,260 5.779 -4,519
France 1,046 1,116 903 213
Taiwan 974 977 1,760 -783
Australia 806 833 1,611 -778
Spain 633 656 913 -257
Malaysia 610 613 306 307
Indonesia 512 520 453 67
Other countries 5,217 5,537 22,997 -17,461
Total 153,272 160,233 125,687 34,546

Sources: Natural Resources Canada, Statistics Canada

Table 2: Canada’s mineral trade by province and territory ($ thousands), 2024
Province and territory Domestic mineral exports Total mineral exports Total mineral imports Total domestic exports Domestic mineral exports as a percentage of the total
Ontario 85,633,782 90,075,532 78,283,990 252,419,662 33.9%
Quebec 30,531,617 32,245,472 20,349,644 121,362,928 25.2%
British Columbia 26,653,000 27,128,015 12,131,737 54,650,354 48.8%
Saskatchewan 2,835,511 2,875,361 2,453,315 45,316,688 6.3%
Manitoba 2,281,398 2,340,899 5,186,249 20,559,219 11.1%
Nova Scotia 1,600,568 1,644,114 710,448 6,631,832 24.1%
Alberta 1,317,981 1,431,663 5,662,371 182,745,626 0.7%
New Brunswick 882,532 917,428 723,234 17,458,678 5.1%
Nunavut 698,216 698,218 3,463 2,280,054 30.6%
Newfoundland and Labrador 508,521 536,388 148,519 13,634,555 3.7%
Northwest Territories 267,003 267,003 5 1,390,040 19.2%
Yukon 55,229 65,308 3,507 149,675 36.9%
Prince Edward Island 7,140 7,150 30,478 2,517,927 0.3%
Canada 153,272,499 160,232,551 125,686,960 721,117,237 21.3%

Sources: Natural Resources Canada, Statistics Canada

Table 3: Canada’s critical minerals trade by commodity ($ thousands), 2024
Critical mineral Domestic exports Total exports Total imports Balance of trade
Aluminum 15,653,570 15,891,097 8,167,540 7,723,557
Antimony 2,092 2,178 39,759 -37,581
Bismuth 572 610 3,460 -2,850
Chromium 3,871 5,326 116,770 -111,444
Cobalt 343,701 349,483 50,042 299,440
Copper 10,514,155 10,590,239 5,239,512 5,350,727
Fluorspar 8,699 9,852 163,135 -153,283
Germanium 44,526 44,885 8,070 36,814
Graphite 71,433 80,744 213,608 -132,864
Helium 28,569 28,569 314 28,255
Lithium 7 7 16,970 -16,963
Magnesium 88,838 91,369 335,291 -243,921
Manganese 1,056 8,695 237,066 -228,370
Molybdenum 120,532 122,627 116,935 5,693
Nickel 4,467,723 4,509,909 1,139,972 3,369,937
Niobium 407,137 407,139 32,492 374,647
Phosphate 5,573 5,611 8,542 -2,931
Platinum group metals 635,233 642,392 1,437,043 -794,652
Potash 7,953,581 7,957,209 144,879 7,812,330
Rare earth elements (REEs) 2,728 5,757 6,772 -1,015
Tantalum 14,304 14,779 14,417 363
Tellurium 39,729 61,016 54,959 6,058
Tin 31,124 31,152 119,920 -88,768
Titanium metal 167,700 182,106 406,171 -224,065
Tungsten 32,776 37,177 52,790 -15,614
Uranium 4,957,618 5,729,953 1,151,827 4,578,126
Vanadium 47,014 47,124 52,298 -5,174
Zinc 1,908,635 1,910,389 1,333,842 576,547
Other metals 450,681 459,636 320,202 139,433
Other nonmetals 137,599 137,657 38,830 98,827
Total 48,140,776 49,364,686 21,023,429 28,341,257

Sources: Natural Resources Canada, Statistics Canada

Table 4: Canada’s critical minerals trade by country ($ millions), 2024
Country Domestic exports Total exports Total imports Balance of trade
United States 30,734 31,081 8,160 22,920
China 3,029 3,033 1,969 1,065
Netherlands 1,519 1,938 42 1,895
Norway 1,561 1,561 82 1,479
Germany 1,088 1,303 313 989
Japan 1,290 1,290 64 1,226
Brazil 1,155 1,158 2,511 -1,353
South Korea 1,080 1,080 146 934
India 984 984 269 715
United Kingdom 638 808 91 717
Belgium 765 766 113 653
Malaysia 479 480 77 402
France 433 435 114 321
Indonesia 434 434 28 406
Mexico 339 372 231 141
Finland 329 329 250 79
Taiwan 267 268 46 221
Thailand 219 219 18 202
Switzerland 199 199 150 49
Italy 179 179 127 52
Other Countries 1,421 1,449 6,222 -4,773
Total 48,141 49,365 21,023 28,341

Sources: Natural Resources Canada, Statistics Canada.