Canadian exports of energy products, mostly crude oil and bitumen, have posted an annual increase of 56.4 percent.
The country exported $15.39 billion worth of these commodities in February 2022, compared to $9.84 billion in the same month last year.
Compared to January 2022, energy exports in February rose 7.8 percent.
In a report Tuesday (April 5), Statistics Canada stated that energy products accounted for 26.2 percent of total exports in February.
This marks an increase of more than six percent from the share of 19.7 percent recorded in February 2021.
“Exports of crude oil (+9.9%) contributed the most to the growth in February 2022, largely due to higher prices,” Statistics Canada reported.
The agency continued, “As mentioned in the publication of February 2022 data for the Industrial Product Price Index, the imbalance between supply and demand that has persisted for several months, in addition to the uncertainty surrounding the future supply of crude oil due to rising tensions between Russia and Ukraine in late February, is among the causes of the increase in crude oil prices.”
As well, the volume of crude oil exports increased 3.9 percent in February, following a decrease of 6.5 percent in January.
In addition to crude oil and bitumen, energy products include natural gas, refined petroleum, electricity, and others.
In February 2022, overall Canadian exports totaled $58.74 billion.
Following energy products ($15,39 billion) in the top three in terms of receipts are consumer goods ($6.76 billion), and metal and non-metallic mineral products ($6.56 billion).
Canada is one of the world’s top exporters of crude oil.
A September 29, 202 report of the joint review by the Canada Energy Regulator (CER) and Statistics Canada indicates that between 1990 and 2019, the country’s oil exports increased at an annual average rate of 6.2 percent.
“Over the past 30 years, crude has continually been one of the top five commodities exported from Canada, often alternating with passenger cars and light trucks as the top exported product,” the report noted.