Energy trade contracted sharply in the recession
Archived Content
Information identified as archived is provided for reference, research or recordkeeping purposes. It is not subject to the Government of Canada Web Standards and has not been altered or updated since it was archived. Please "contact us" to request a format other than those available.
Related information
In 2009, Canada's energy trade was strongly affected by the global economic decline. The trade slump in energy products reflected the drop in commodity prices—the largest on record—which fell by half from the third quarter of 2008 to early 2009.
Energy products accounted for the largest decrease in Canada's exports in 2009, falling 36.5% to $79.9 billion. Exports of natural gas fell 52.2% to $15.8 billion, followed by a 30.2% drop in crude petroleum exports and a 25.9% decline in coal exports. This drop was linked to a 48.4% decline in prices, reflecting lower industrial demand and high inventory levels in both Canada and the United States.
Following six years of increases, imports of energy products decreased 36.1% to $33.9 billion in 2009, as import prices fell 31.8%. The import value of crude petroleum contracted 38.8% as a result of a 35.7% decline in the price of crude petroleum and fewer shipments. Imports of crude petroleum accounted for almost 70% of the drop in energy products. These imports totalled $20.9 billion in 2009.
- Date modified: