OTTAWA: According to Statistics Canada, which published trade data in February, the various trade restrictions against Russia indirectly drove up Canadian export values with stronger demand and large price rises, with crude oil contributing the most to the export boom.

Total commerce (exports plus imports) with Russia was 2.8 billion Canadian dollars (USD2.2 billion) in 2021, according to Statistics Canada, accounting for 0.2 percent of Canadian economic activity. As a result, the direct impact of various trade sanctions imposed on Russia by a number of nations on Canadian merchandise trade values is negligible.

Because Russia produces goods that are also produced in large quantities in Canada (crude oil, natural gas, grains, lumber, metals, fertiliser, and so on), higher demand and substantial price increases could have an indirect impact on export values, according to Statistics Canada, given the conflict's implications for future supply of these goods.

Total exports grew by 2.8 percent in February to a new high of 58.7 billion Canadian dollars (USD47 billion). Energy product exports increased 7.8% to a new high of USD15.4 billion Canadian dollars (USD12.3 billion), accounting for 26.2 percent of overall exports, up from 19.7% in February 2021.

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