Mining Association of Canada | 2023 Report

The Mining Association of Canada | The Canadian Mining Story: Economic Impacts and Drivers for the Global Energy Transition 2023 66 In 2021, Canada’s top mineral imports were iron and steel, gold, aluminum, silver, and copper. The value of imports of these and other minerals and mineral products in 2021 are presented in Annex 9. The balance of trade is Canada’s total exports minus its imports. Canada had a surplus (i.e., exports greater than imports) of $23.3 billion in 2021. Extraction (Stage 1) and primary manufacturing (Stage 2) both had surpluses, while Stage 3 and Stage 4 manufacturing showed trade deficits as shown in Figure 3. CANADIAN MINING AROUND THE WORLD In addition to assets in Canada, Canadian mining and exploration companies hold assets abroad. In 2021, 748 companies had mining assets outside of the country, with a total value of $196 billion. This is more than double the value of Canadian mining assets in Canada, which were $90 billion in 2021. Canadian mining assets abroad were held in 96 countries in 2021 as shown in Figure 4. Figure 3: Balance of Canada’s Mineral Trade, 202147 -40 -20 0 20 40 60 80 100 120 140 Stage 1 Stage 2 Stage 3 Stage 4 Total Billions of Dollars Domestic Exports Total Exports Total Imports Balance of Trade 47 Sources: Natural Resources Canada; Statistics Canada. Total exports represent the sum of domestic exports and re-exports. Re-exports are the goods of foreign origin that have not been materially transformed in Canada. This includes foreign goods withdrawn for export from bonded customs warehouses.