Ottawa, (Asian independent) The various trade sanctions against Russia indirectly drove up Canadian export values with higher demand and substantial price increases, Statistics Canada said, publishing trade data in February with crude oil contributing the most to the export growth.
According to Statistics Canada data, total trade (exports plus imports) with Russia was 2.8 billion Canadian dollars ($2.2 billion) in 2021, representing 0.2 per cent of Canadian trade activity. As a result, the direct impact of the various trade sanctions imposed by a number of countries against Russia is minimal for Canadian merchandise trade values.
As Russia produces goods that are also produced in large quantities in Canada (crude oil, natural gas, grains, lumber, metals, fertiliser, etc.), export values could be indirectly affected by higher demand and substantial price increases, given the consequences of the conflict on the future supply of these goods, Statistics Canada explained.
In February, total exports increased 2.8 per cent to a record 58.7 billion Canadian dollars ($47 billion). Exports of energy products rose 7.8 per cent to a record 15.4 billion Canadian dollars ($12.3 billion), accounting for 26.2 per cent of total exports, an increase of more than 6 percentage points from the share of 19.7 per cent observed in February 2021.
Export values of crude oil jumped by 9.9 per cent, contributing the most to the growth, largely due to higher prices. The volume of crude oil exports increased 3.9 per cent in February, following a decrease of 6.5 per cent in January, Xinhua news agency reported.
Statistics Canada said the imbalance between supply and demand that has persisted for several months, in addition to the uncertainty surrounding the future supply of crude oil due to rising tensions between Russia and Ukraine in late February, is among the causes of the increase in crude oil prices.
