Crude Petroleum in Canada | The Observatory of Economic Complexity

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Exports In 2022, Canada exported $123B in Crude Petroleum, making it the 3rd largest exporter of Crude Petroleum in the world. At the same year, Crude Petroleum was the 1st most exported product in Canada. The main destination of Crude Petroleum exports from Canada are: United States ($117B), China ($2.29B), United Kingdom ($1.02B), Spain ($943M), and Germany ($349M).

The fastest growing export markets for Crude Petroleum of Canada between 2021 and 2022 were United States ($37.6B), China ($2.18B), and United Kingdom ($681M).

Imports In 2022, Canada imported $16.8B in Crude Petroleum, becoming the 15th largest importer of Crude Petroleum in the world. At the same year, Crude Petroleum was the 5th most imported product in Canada. Canada imports Crude Petroleum primarily from: United States ($11.8B), Saudi Arabia ($2.38B), Nigeria ($1.11B), Angola ($545M), and Norway ($486M).

The fastest growing import markets in Crude Petroleum for Canada between 2021 and 2022 were United States ($4.15B), Saudi Arabia ($868M), and Angola ($138M).

Latest Trends

February 2024

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Overview In February 2024 Canada's Crude Petroleum exports accounted up to C$10.5B and imports accounted up to C$1.51B, resulting in a positive trade balance of C$8.99B. Between February 2023 and February 2024 the exports of Canada's Crude Petroleum have increased by C$716M (7.32%) from C$9.78B to C$10.5B, while imports increased by C$14.3M (0.96%) from C$1.5B to C$1.51B.

Destinations In February 2024, Crude Petroleum were exported mostly to United States (C$9.98B), United Kingdom (C$209M), Germany (C$145M), Netherlands (C$118M), and France (C$49.8M), and were imported mostly from United States (C$1.13B), Nigeria (C$242M), Ecuador (C$134M), Poland (C$1.25k), and Turkey (C$255).

Growth In February 2024, the increase in Crude Petroleum's year-by-year exports was explained primarily by an increase in exports to United States (C$537M or 5.2%), United Kingdom (C$64M or 78.6%), and Spain (C$2.37M or 3.29%). In February 2024, the increase in Crude Petroleum's year-by-year imports was explained primarily by an increase in imports from United States (C$246M or 27.1%) and Nigeria (C$13.8M or 12.4%).

Subnational Monthly Trade

Time Scale

Year

Quarter

Month

Flow

Exports

Imports

Color

Trade Value

Growth

Growth (%)

EXPORT GROWTH (February 2023 - February 2024)C$716M(7.32%)

IMPORT GROWTH (February 2023 - February 2024)C$14.3M(0.96%)

MAIN EXPORTER (February 2024)AlbertaC$9.7B

MAIN DESTINATION (February 2024)United StatesC$9.98B

This section shows Crude Petroleum's exports and imports data at subnational level for Canada. Click any date in the line plot, any subnational region in the geomap, or any destination or origin country to explore the exports or imports behavior of Crude Petroleum over time.

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Historical Data

Trade Balance

Color

Trade Value

Growth

Growth (%)

Year

EXPORTS (2022)$123B

IMPORTS (2022)$16.8B

NET TRADE (2022)$106B

In 2022, Canada exported $123B in Crude Petroleum. The main destinations of Canada exports on Crude Petroleum were United States ($117B), China ($2.29B), United Kingdom ($1.02B), Spain ($943M), and Germany ($349M).

In 2022, Canada imported $16.8B in Crude Petroleum, mainly from United States ($11.8B), Saudi Arabia ($2.38B), Nigeria ($1.11B), Angola ($545M), and Norway ($486M).

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