Click here for definitions of key terms used in this article. Share. Overview: In August 2020 Canada exported C$39.7B and imported C$46.7B, resulting in a negative trade balance of C$7.03B.Between August 2019 and August 2020 the exports of Canada have decreased by C$-5.38B (-11.9%) from C$45.1B to C$39.7B, while imports decreased by C$-5.07B (-9.79%) from C$51.8B to C$46.7B. The growth of crude oil … However, raw materials have declined as a percentage of Canada’s exports, while processed, fabricated, and manufactured goods have increased. Transportation is the most notable example. (Published October 7, 2015) It is widely known that crude oil has many applications – in industrial, energy, and chemical products, in agriculture, for shipping and for personal and business travels, to name a few. However, as the United States has exported more crude oil to other countries, Canada has made up a smaller share of U.S. crude oil exports. Tanker Cargo Spills in Canadian Waters. About sharing. In 2018, Canada was the fourth-largest crude oil exporter in the world with a 6.19% share of an annual global export market worth $1.08 trillion. In 2014, Canada produced 3.8 mb/d of crude oil. In 2016, an average of 301,000 b/d of U.S. crude oil was exported to Canada and 219,000 b/d to all other countries. The oil and gas industry in Canada, as in other regions, is generally divided into three main segments: upstream, midstream, and downstream. Canada's most valuable export commodity are mineral fuels, accounting for 22% of total exports in 2019. But there are ongoing debates about how to use, share and manage natural resources. close. Canada - Canada - Trade: Trade has always been central to Canada’s economy. Of this, 2.2 mb/d was produced from the oil sands and the remaining 1.6 mb/d was conventional, offshore, and tight oil production. Some sectors, however, demonstrate unquenchable thirst for petroleum. Canada’s economic development historically depended on the export of large volumes of raw materials, especially fish, fur, grain, and timber. While some risk is inherent in the transportation of oil, thanks to increased preventive measures such as mandatory double hulls for ships carrying oil as cargo and local marine pilots to guide ships in Canadian coastal waters, the volume and frequency of oil spills has been decreasing in Canada and globally since the 1970s. Globally, only the United States, Saudi Arabia, Russia and China have higher oil production. Its large and varied natural resources are essential to its economies and cultures. Canada is the fifth-largest crude oil producer in the world. Until 2013, virtually all U.S. crude oil exports went to Canada. Copy link. Share page. As of August 2020, Canada’s share of crude oil exports is down to $5.27 billion. Canada is among the most resource-rich countries in the world. 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