The year 2022 has been an interesting year for Canadian exports in general. Overall, exporting businesses have been very successful during 2022 and intend to carry the momentum into 2023. Certain exports have been holding strong during the previous years, and 2022 was no different. If you’re interested in joining the Canadian exports business in 2023, you might want to know the 2022 statistics. After all, these stats can inform your decisions and help you turn a profit. In the long run, using stats like this is vital to your success. So, to help you out, we’ve compiled a list of the biggest Canadian exports in 2022.
Aircraft, engine & parts manufacturing
One of the biggest Canadian exports in 2022 is the aircraft, engine & parts manufacturing industry. However, even though the exports were good for 2022, the industry took a big hit because of the covid-19 pandemic. Because of this, the overall revenue of the aircraft, engine & parts manufacturing industry will probably drop in the coming years. In total, the industry earned $13,2B in 2022, most of it coming from aircraft manufacturing: specifically commercial planes, business aircraft, and civil helicopters. While the industry is still doing well, and the Canadian aircraft, engine & parts manufacturing industry is currently leading globally, it will probably decline. If you are interested in joining the export business, consider how to reduce commercial warehousing costs. Knowing how to reduce costs where you can is helpful no matter what you want to export.
Refined petroleum
Generally speaking, refined petroleum exports in Canada have been highly volatile over the past five years. This is because crude oil is the primary part of the industry’s products. As such, the price of crude oil drives the industry’s revenue, which has been, as we mentioned, very volatile. In 2022, the industry made $20,6B in total. Dealing with refined petroleum exports in Canada is a very risk-reward business. While the revenues are highly volatile year to year, the industry did make it onto the biggest Canadian exports in the 2022 list. So, going into 2023, no one can say what refined petroleum export revenues will look like. So, if you’re planning on joining this line of business, keep in mind the pros and cons of maritime shipping. Try to stick with the most reliable ways of exporting going into 2023.
Sawmills and wood production
The wood products industry in Canada has always been a strong contender, and in recent years there’s been a steady growth in revenue for the industry. While there were many complications because of the covid-19 pandemic, the industry is still strong. This is because there is always a steady demand for wood worldwide. As such, exporters dealing in wood have had their work cut out for them. Going into 2023, the industry is showing promising signs of revenue increasing further. Out of the biggest Canadian exports in 2022, the wood products business is one of the safer options for anyone looking to get into the business. However, if you plan to deal with the US, keep in mind the common US customs clearance issues & overcoming them. No matter what you export, this knowledge will serve you well in the long run.
SUV and light truck production
The SUV and light truck production industries have been doing very well in the past few years regarding exports. In 2022, this trend has continued, with the industry earning $32,6B in total. However, due to complications with the covid-19 pandemic, experts are projecting that the overall revenue of the industry is going to drop going into 2023. That said, most of the exports in this industry (95%) were headed into the US. While the revenue is projected to drop, the overall decrease probably won’t be too significant, making this another fairly safe business to enter into 2023, keeping in mind that no one can tell exactly how the year will go. However, when it comes to export businesses, it’s generally better to be more cautious, especially when predictions are that revenue will drop in the coming year.
Oil drilling and gas extraction
The biggest export in Canada in 2022 has, by far, been the oil drilling and gas extraction industry. While this industry heavily relies on global crude oil and natural gas prices, the industry has shown massive growth over the past few years. In 2022, the industry made $104,2B, completely overshadowing any other export in Canada. Of course, rising prices have led to many investments and general growth in the industry. However, going into 2023, the industry shows no signs of slowing down, and investors keep flocking to any opportunities which involve oil drilling and gas extraction. If you’re considering joining the export business, you can’t go wrong with investing in oil drilling and gas extraction. That said, you should always be careful no matter what kind of business you invest in.
The biggest Canadian exports in 2022 – wrap up
Canada is a strong contender for a number of exports worldwide and shows no signs of slowing down. While the most prominent industry completely overshadows the other top exports, potential investors have quite a few choices if they’re interested. Anyone looking to join the export business can invest in several industries relatively safely and make quite a bit of profit. That said, no one can tell precisely how the next year will go business-wise, so we recommend you still be careful when planning your business dealing. We hope that this list of the biggest Canadian exports in 2022 helps you better understand the topic.
Author bio
Henry Lee is a business investor specializing in export businesses and works closely with preofessionalmover.ca. In his spare time, he blogs to spread his knowledge to other potential business investors.