After wild economic ride, commodity prices pull export growth to lower altitude;
The last two years have seen Canadian exports post the strongest annual growth rates of the past four decades, growing by 20% in 2021 and 23% in 2022. They’ve also underlined just how interconnected our trade performance is to the fortunes of the broader global economy.
Initially, cross-border sales took off as they recovered from the pandemic lockdowns and businesses found new ways of interacting with their customers. Russia’s 2022 invasion of Ukraine then caused the prices of commodities, like energy, fertilizers, and agricultural products to soar, boosting the value of our resource exports.