Canada is the United States’ biggest and closest trading partner and the province of Ontario represents more than half of this trade. Ontario is one of the world’s largest mining production areas and attracts leading global producers of metallic and non-metallic minerals. Import of mining and oil/gas equipment from the United States is over US$300 million. The US is the single largest exporter to Canada and despite the economic slump demand continues to grow for equipment in this sector.
Market Demand and Data
The province of Ontario’s central location provides easy access to mining sites in Quebec, Western Canada, and the High Arctic. The province is also the business capital of Canada producing 40% of the country’s GDP. Ontario is a large importer of Mining and Oil/Gas Equipment (NAICS 33313). In 2011 Ontario import is evaluated at US$312 million. More than 55% of it was imported from the United States alone. The percentage of imports Ontario gets from other countries is in the single digits making the United States the single largest supplier in this sector.
The 2008 global economic downfall did affect Ontario. However, imports have been steadily rising since 2009 and can be expected to keep growing as companies once again start investing in plant and equipment.
Ontario’s gold mines produce more than $US1.8 billion worth of gold annually (in 2009 prices, according to the Ontario Ministry of Economic Development and Innovation). The province has one of the world's largest deposits of nickel and copper as well as the richest copper, zinc, and silver deposits in the world. The only platinum-palladium mine in Canada is in Ontario. New explorations suggest large deposits of chromite, nickel, copper and platinum. Ontario also contains diamond and salts mines.