In September 2025, the average monthly price of the Canadian oil benchmark Western Canadian Select amounted to ******U.S. dollars per barrel. This was a slight decrease compared to the previous month. Western Canadian Select is a heavy sour blend of crude oil, produced exclusively in Western Canada. The importance of Canada’s oil sands Not only are the oil sands a vital part of the Canadian energy industry, they play a large part in the national economy as well. In 2024, the oil sands extraction industry contributed nearly 40 billion Canadian dollars to Canada's GDP. This represented a share of **** percent of the total GDP. Furthermore, they are the largest single source of oil exports to their neighbors to the south, the United States. Oil sands are a combination of sand, water, and bitumen, and therefore a more expensive source of crude oil than conventional oil as oil sands require extensive processing. Meanwhile, that same year the contribution of conventional crude oil and gas extraction stood at **** billion Canadian dollars, which translated to **** percent of total GDP. Canada’s main oil export partner remains the U.S. In 2024, Canada’s oil exports amounted to over *** million barrels per day. This was a historical high and represented more than twice the amount exported in 2005 thanks to oil sand exploration. The United States is Canada’s main oil destination market, receiving *** million metric tons in 2024. Far in second place came China, with *** million metric tons exported there that same year.

Canada Exports to United States was US$419.75 Billion during 2024, according to the United Nations COMTRADE database on international trade. Canada Exports to United States - data, historical chart and statistics - was last updated on December of 2025.

The supply and use tables focus on measuring the productive structure of the economy. They trace production of commodities by domestic industries, combined with imports, through their use as intermediate inputs or as final consumption, investment or exports. The system provides a measure of value added by industry-total output (or sales) less intermediate inputs. These tables can be used to calculate economy-wide gross domestic product (GDP) either directly, by summing value added over the industries, or indirectly, by summing to the economy-wide cost of primary inputs (income-based GDP) or by computing the grand total of the flow of products into final demand categories (expenditure-based GDP)-the link to the national income and expenditure accounts. While the supply and use tables closely reflect actual economic transactions, certain analytical and modeling purposes, however, require symmetric industry-by-industry tables. These symmetric industry-by-industry tables are referred to as input-output tables. The input-output tables show the inter-industry transactions, that is, all purchases of an industry from all other industries, including expenditures on imports and inventory withdrawals, as well as all expenditures on primary inputs. Similarly, the symmetric final demand table shows all purchases by a final demand category from all other industries, including expenditures on imports and inventory withdrawals as well as all expenditures on indirect taxes. The input-output tables allow the analyst to explore "what if?" questions at a fairly detailed level, exploring the impact of exogenous changes in final demand on output while taking account of the interdependencies between different industries and regions of the economy and the leakages to imports and taxes. For example, such models might be used to study the question: "If Canadian oil and gas exports doubled, what industries would be most affected and in which provinces"? The use of an input-output model to address such a question would permit the estimation of indirect, and possibly also some of the induced effects of a demand shock of this nature, and the calculation of the corresponding multipliers. Input-output models were originally developed in the 1930s by Wassily Leontief, a Russian-American who earned the Nobel Prize in Economic Sciences for this work in 1973. His models were inspired by earlier studies by François Quesnay on the "Tableau économique" in 1758 and Léon Walras on general equilibrium theory in 1874. Leontief's models simplified earlier formulations by assuming that the proportions of industry inputs to industry outputs are fixed in the short-term, with no substitutability among any of the intermediate or factor inputs.

Canada's total Exports in 2024 were valued at US$549.62 Billion, according to the United Nations COMTRADE database on international trade. Canada's main export partners were: the United States, China and the United Kingdom. The top three export commodities were: Mineral fuels, oils, distillation products; Vehicles other than railway, tramway and Machinery, nuclear reactors, boilers. Total Imports were valued at US$540.56 Billion. In 2024, Canada had a trade surplus of US$9.06 Billion.