Over the last 7 years (between 2012 and 2019), the total value of Canadian merchandise exports increased from $148 billion to $193 billion.Footnote1 Canadian energy exports didn’t follow the same trend.
From 2012 to 2014, the value of Canadian energy exports increased from $110 billion to $136 billion before decreasing to $79 billion after global oil prices fell significantly. Since 2016, the value of energy exports grew to $123.5 billion in 2018, but have yet to reach the highs seen in 2014.
Similarly, energy’s share of total merchandise export value decreased from 24 per cent in 2014 to 21 per cent in 2019.
Crude oil exports, including bitumen, account for most of Canada’s energy export value; remaining consistent around 70 per cent of total export value. Other commodities, like natural gas, refined petroleum products, and electricity, have comparatively smaller export values.
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