Newfoundland and Labrador's Profile
Economic Indicators in 2021
- Gross domestic product (GDP): $37.9 billion
- GDP per capita: $72,900
- Population: 520,500
- International merchandise exports and imports: 62.4% of GDP
Economic Activity by Sector in 2022
- Goods: 46.4% of GDP
- Mining, quarrying, and oil and gas extraction: 32.9% of total GDP
- Construction: 6.4% of total GDP
- Services: 53.6% of GDP
- Real estate, and rental and leasing: 8.8% of total GDP
- Health care and social assistance: 8.6% of total GDP
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Offah Obale
Research and Education
Publication No. 2023-509-E
12 October 2023
Newfoundland and Labrador's Merchandise Trade
Newfoundland and Labrador's merchandise trade with the world in 2021: $23.7 billion
- Exports: $15.5 billion, a 36.0% increase from 2020
- Imports: $8.2 billion, a 2.9% increase from 2020
Trade surplus in 2021: $7.3 billion, an increase from $3.5 billion in 2020
Exports in 2021: 2.4% of the total value of Canadian exports, an increase from 2.2% in 2020
Imports in 2021: 1.2% of the total value of Canadian imports, a decrease from 1.4% in 2020
Exports as a percentage of GDP in 2021:
- Newfoundland and Labrador – 40.9%, an increase from 35.3% in 2020
- Canada – 25.2%, an increase from 23.5% in 2020
Imports as a percentage of GDP in 2021:
- Newfoundland and Labrador – 21.5%, a decrease from 24.6% in 2020
- Canada – 26.0%, a decrease from 26.4% in 2020
Exports in 2022:
- Resource-based goods – 80.8%, a decrease from 81.1% in 2021
- Manufactured goods – 19.2%, an increase from 18.9% in 2021
Highest-valued exports in 2022: Crude oil and iron ore, together accounting for 79.1% of the total value of provincial exports
- Crude oil: $9.6 billion, an increase from $7.6 billion in 2021
- Iron ore: $3.0 billion, a decrease from $3.9 billion in 2021
Major export destinations, by region, in 2022:
- United States, at 45.8% of the total value of exports
- Europe, at 37.7% of the total value of exports
- Asia, at 11.3% of the total value of exports
Major export destinations, by country, in 2022:
- United States, at $7.3 billion
- United Kingdom, at $1.6 billion
- The Netherlands, at $1.4 billion
Newfoundland and Labrador's Services Trade
Newfoundland and Labrador's services trade with the world in 2021: $1.7 billion
- Exports: $913 million, a 15.1% decrease from 2020
- Imports: $798 million, a 12.4% decrease from 2020
Trade surplus in 2021: $115 million, a decrease from $165 million in 2020