Indicators and targets: Growing and diversifying exports

 Jobs and innovation: Tracking progress and results

Targets

  • Increase the value of Canada's exports by 30% by 2025
  • Increase the value of Canada's overseas exports by 50% by 2025 (Fall Economic Statement 2018)

Exports play an important role in the Canadian economy, contributing to growth, productivity and employment. Trade diversification helps Canadian businesses access new markets and growth opportunities.

The value of exports of goods and services rose 6.4% in 2018 (Statistics Canada, 2019) to a record $706.1 billion (Figure 12.1). In terms of industry composition, oil and gas extraction, chemical manufacturing and petroleum product wholesale industries led the increase in exports in 2018 (Statistics Canada, 2019).

Canada's export growth to non-American countries (9.2%) outpaced growth to the U.S (5.2%).  Over the past five years, Canada's exports to the non-U.S. countries grew by approximately 19% while exports to the U.S. grew by approximately 8%.

Figure 12.1: Value of exports of goods and services (in $billions)

Text version
Year Value of total exports Overseas exports
1981 $97 $34
1982 $98 $32
1983 $105 $30
1984 $129 $33
1985 $137 $32
1986 $142 $34
1987 $149 $39
1988 $163 $46
1989 $168 $48
1990 $174 $50
1991 $170 $49
1992 $187 $51
1993 $217 $53
1994 $259 $61
1995 $299 $75
1996 $318 $75
1997 $345 $79
1998 $375 $78
1999 $421 $80
2000 $488 $93
2001 $479 $92
2002 $476 $92
2003 $460 $95
2004 $496 $107
2005 $521 $112
2006 $527 $126
2007 $537 $140
2008 $567 $153
2009 $446 $132
2010 $483 $145
2011 $541 $166
2012 $551 $164
2013 $572 $163
2014 $628 $172
2015 $628 $173
2016 $631 $177
2017 $664 $189
2018 $706 $207
Target
2025 $820 (30% increase) $284

Sources:

Statistics Canada, Table 36-10-0014-01 (current dollars, unadjusted for inflation)

Innovation, Science and Economic Development Canada

In 2017, 25% of total Canadian enterprises exported goods or services (Statistics Canada, 2018). While small and medium-sized enterprises (less than 500 employees) make up 99.8% of all businesses, only 12% exported goods or services in 2017 with export sales accounting for about 4% of total company revenues (Statistics Canada, 2017).

A small number of large firms are responsible for most of the exports of goods in Canada.  In 2018, large enterprises (500 or more employees) accounted for 2.7% of all goods exporting firms, but 59% of the total value of goods exports.  On the other hand, small and medium-sized enterprises accounted for less than half (41%) of the total value of goods exports in 2018 (Statistics Canada, 2018).

The 2018 Fall Economic Statement announced the Government's intention to significantly bolster export opportunities for Canadian businesses, and diversify Canada's overseas trade. The Government launched an Export Diversification Strategy, through which $1.1 billion would be invested over six years, starting in 2018–19, to help Canadian businesses access new markets. The Strategy has three key components: investing in infrastructure to support trade, providing Canadian businesses with resources to execute their export plans and enhancing trade services for Canadian exporters.