The export sector saw a shift in 2024, with fewer businesses exporting goods, but the total value of exports increased. There were 48,036 exporting enterprises in 2024, a 1.4% drop from the previous year. It marks the first decline since 2020, driven by a reduction in small and medium-sized enterprises (SMEs). However, larger enterprises saw slight growth in their exports.
Despite the decrease in the number of exporters, the overall value of goods exported rose. SMEs, although fewer in number, increased their export value by $2.4 billion, or 0.9%. Large enterprises saw an even bigger jump, with their export value growing by $7.1 billion, or 1.7%. SMEs still make up the vast majority of exporters—97.4%—but large enterprises dominate when it comes to value, contributing 60% of Canada’s total exports.
Canada’s export market is still concentrated among the biggest exporters. The top 50 exporters accounted for almost half of the country’s total export value in 2024. The top 500 enterprises, just 1% of all exporters, were responsible for 77.7% of the export value. On the other hand, 74.6% of exporters sent less than $1 million worth of goods, contributing to less than 1% of the total export value.
Exports to the United States declined slightly in 2024. The number of businesses exporting to the U.S. dropped by 311, leaving 41,171 exporters. However, the U.S. is still the dominant market, with over 85% of Canadian exporters sending goods there.
Exports to non-U.S. destinations also fell, continuing a five-year decline. The biggest drop came from exports to China, where 143 fewer businesses were exporting goods. However, Canada saw growth in exports to countries like Malaysia, Singapore, and Italy, which helped soften the overall decline.
European and Asian markets still play a significant role in Canadian exports. Europe made up 18.8% of all Canadian exporters, and Asia accounted for 16.1%. The United Kingdom and China remained the top trade partners in these regions.
The decline in exporting businesses wasn’t felt evenly across the country. Alberta saw a rise in the number of exporters, adding 180 businesses in 2024, largely driven by growth in the manufacturing and oil and gas extraction sectors. In contrast, provinces like Ontario, Quebec, and Saskatchewan saw declines, especially in the wholesale trade and agriculture sectors. Ontario and Quebec’s drops were mainly due to fewer wholesale trade exporters, while Saskatchewan’s decline was concentrated in agriculture, forestry, and fishing.
Canada’s major cities mirrored these provincial trends. Montreal and Toronto both saw fewer exporters, while Calgary and Edmonton experienced growth. Calgary, in particular, saw a gain of 122 exporters, while Edmonton added 51.