Exports from the province were valued at almost $14 billion in 2005 – with goods accounting for over 90 per cent of export value. Most of the goods exported from the province are sold in foreign countries. The United States receives the majority of this province’s exports – about 52% of Newfoundland and Labrador’s international exports were shipped to the U.S. in 2005.

Crude and refined oil, fish products, iron ore, newsprint and electricity account for most exported goods. Services represent a relatively small portion of exports in this province, however, their value has been rising due to growth in industries such as tourism, communication, business and computer services.

Offshore oil accounts for the greatest share of exports. Currently, there are three oil fields producing off the province’s shore and in 2005 the combined value of production was estimated at $7.3 billion. The Hibernia field (first oil in 1997) extracted over 72.5 million barrels of oil, Terra Nova (first oil in 2002) produced 36.2 million barrels, and White Rose (first oil in 2005) extracted 2.5 million barrels. White Rose, at peak production, will add in excess of 30 million barrels a year to offshore oil production. [See also: Mines & Energy]

The fishery has always played a fundamental role in the province’s economy since the early 1500s. Problems with historically dominant groundfish stocks in the early 1990s, however, resulted in moratoria on many fisheries. Since then, the fishery has restructured and diversified. Shellfish now dominate the industry, particularly shrimp and crab. In 2005, 326,323 tonnes of fish were landed and valued at $461 million. [See also: Fisheries & Aquaculture]

Mineral shipments totalled approximately $1.5 billion in 2005. Iron ore accounted for almost $1.3 billion or 84% of the total value of shipments. Most of the remainder of was comprised of nickel, copper and cobalt from Voisey’s Bay. The Voisey’s Bay mining operation began production in August 2005. Other minerals produced in the province include dolomite, limestone, dimension stone, and gravel. [See also: Mines & Energy] [See also: Mines & Energy]

Newsprint production facilities in the province have been downgraded to two mills, after the closure of Abitibi-Consolidated’s Stephenville operation in October 2005. The volume of newsprint shipped from the province in 2005 is estimated to have increased 4.1% to about 762,000 tonnes, and the value of shipments increased by 7.5% to $563 million.

Electric power generation totals over 40 billion kilowatt hours per year. Most of this is generated at Churchill Falls hydro generation facilities in Labrador and is sold to the province of Quebec under a long-term contract. Further potential for hydro electric power generation exists in Labrador. After an Expressions of Interest process, the Government of Newfoundland and Labrador in partnership with Newfoundland and Labrador Hydro, will lead the development of 2,000 MW of power at Gull Island. A planning schedule has been developed that will see a project sanctioning decision by 2009 with possible first power by 2015.

Manufacturing products total about $3 billion per year. While natural resources and oil refining dominate the industry, diversification of the manufacturing base continues. [See also: Newfoundland and Labrador Manufacturers and Exporters] 

Examples of non-resource manufacturers: Aerospace and Defence | Marine Fabrication | Food Manufacturing | Clothing, Mattresses and Gloves

Tourism is a growing services industry driven by the developing convention and cruise markets. Spending by non-resident tourists, which generally account for about 40 per cent of total tourism spending, represent a service export for the province. In 2005, 469,600 non-resident visitors came to the province.  Visit the Vacation Guide ( or See also:  Tourism Statistics)