Ontario's Profile
Economic Indicators in 2021
- Gross domestic product (GDP): $956.7 billion
- GDP per capita: $64,600
- Population: 14.8 million
- International merchandise exports and imports: 53.7% of GDP
Economic Activity by Sector in 2022
- Goods: 22.9% of GDP
- Manufacturing: 11.0% of total GDP
- Construction: 7.9% of total GDP
- Services: 77.1% of GDP
- Real estate, and rental and leasing: 12.6% of total GDP
- Finance and insurance: 10.0% of total GDP
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Michel Cristerna
Research and Education
Publication No. 2023-504-E
11 October 2023
Ontario's Merchandise Trade
Ontario's merchandise trade with the world in 2021: $513.4 billion
- Exports: $227.2 billion, a 6.7% increase from 2020
- Imports: $286.1 billion, a 9.9% increase from 2020
Trade deficit in 2021: $58.9 billion, an increase from $47.4 billion in 2020
Exports in 2021: 35.9% of the total value of Canadian exports, a decrease from 41.1% in 2020
Imports in 2021: 43.8% of the total value of Canadian imports, a decrease from 44.7% in 2020
Exports as a percentage of GDP in 2021:
- Ontario – 23.8%, a decrease from 24.6% in 2020
- Canada – 25.2%, an increase from 23.5% in 2020
Imports as a percentage of GDP in 2021:
- Ontario – 29.9%, a decrease from 30.0% in 2020
- Canada – 26.0%, a decrease from 26.4% in 2020
Exports in 2022:
- Resource-based goods – 10.3%, a decrease from 10.7% in 2021
- Manufactured goods – 89.7%, an increase from 89.3% in 2021
Highest-valued exports in 2022: Motor vehicles and gold, together accounting for 19.6% of the total value of provincial exports
- Motor vehicles: $36.0 billion, an increase from $34.2 billion in 2021
- Gold: $17.6 billion, an increase from $16.8 billion in 2021
Major export destinations, by region, in 2022:
- United States, at 85.0% of the total value of exports
- Europe, at 6.5% of the total value of exports
- Asia, at 4.5% of the total value of exports
Major export destinations, by country, in 2022:
- United States, at $220.5 billion
- United Kingdom, at $13.9 billion
- Germany, at $3.8 billion
Ontario's Services Trade
Ontario's services trade with the world in 2021: $140.0 billion
- Exports: $75.3 billion, a 3.3% increase from 2020
- Imports: $64.8 billion, a 4.1% increase from 2020
Trade surplus in 2021: $10.5 billion, a decrease from $10.7 billion in 2020