How Rich is Canada in Natural Resources?

How Rich is Canada in Natural Resources?

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Canada is one of the world’s largest producers of commodities, a key reason why it ranks as the ninth-largest economy globally.

This graphic highlights Canada’s most significant natural resource reserves as of 2023, based on various sources.

20% of the World’s Freshwater

Canada’s natural resources were valued at $1.7 trillion in 2023.

Canada has the largest potash reserves, with 1.1 billion tonnes, making it the world’s top producer of the fertilizer.

It holds the third-largest oil reserves at 168 billion barrels, behind Venezuela and Saudi Arabia. Canada’s crude oil exports to the U.S. amounted to 24% of U.S. refinery throughput in 2023.

In addition, Canada is home to vast freshwater resources, containing 20% of the world’s surface freshwater and 7% of the world’s renewable water flow, along with 36% of the world’s certified forests.

Canada: The Top Import Partner

Canada is the top import partner for the United States, supplying key materials essential for American industries.

In 2023, the U.S. was Canada’s top trading partner for critical minerals, with two-way trade totaling $38.2 billion, according to Natural Resources Canada.

Most of that trade flowed south, with the U.S. accounting for nearly 60% of Canada’s total critical mineral exports.

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