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OTTAWA — Canada's trade with Russia plummeted in the first 10 months after Moscow's invasion of Ukraine a year ago, with Ottawa's economic measures barring the export of everything from forklifts to barbers' chairs.
The value of exports from Canada to Russia between March and December fell 91 per cent, dropping to $52 million in 2022 from $584 million in 2021. Pellerin said the fertilizer data reflect the annual cycle of farmers making purchases ahead of the spring sowing season. The purchases related to this year's season will show up in later data, he said.
About half a dozen products saw an increase in exports in 2022 versus 2021, but many of them saw most or all of that occur in January and February, before Canada imposed sanctions. For example, Canada exported $85 million in aircraft over 15,000 kg to Russia last year, all of it in February 2022. The list also includes cranes, X-ray equipment and forklift trucks, because such goods might be appropriated for military use. Canadian companies can only export these items if they secure a waiver.He noted that trade in services have also taken a major hit, in particular for companies that help with mining operations in Canada and Russia, given their similar terrain.
For example, Canadian companies might suddenly discover that they've been doing business for years with a firm that has minority Russian ownership, making it unclear whether they need a waiver to continue.
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