Canada (CAN) Exports, Imports, and Trade Partners | The Observatory of Economic Complexity (2024)
Overview In June 2024 Canada exported C$60.6B and imported C$64.6B, resulting in a negative trade balance of C$3.99B. Between June 2023 and June 2024 the exports of Canada have decreased by C$-4.71B (-7.2%) from C$65.3B to C$60.6B, while imports decreased by C$-215M (-0.33%) from C$64.8B to C$64.6B.
Growth In June 2024, the decrease in Canada's year-by-year exports was explained primarily by an decrease in exports to United States (C$-8.56B or -15.8%), Saudi Arabia (C$-242M or -82.4%), and Mexico (C$-168M or -22.5%), and product exports decrease in Crude Petroleum (C$-5.73B or -31.3%), Cars (C$-1.41B or -29.3%), and Petroleum Gas (C$-314M or -26.6%). In June 2024, the decrease in Canada's year-by-year imports was explained primarily by an decrease in imports from Switzerland (C$-344M or -37.6%), South Africa (C$-294M or -63%), and Germany (C$-290M or -12.5%), and product imports decrease in Gold (C$-988M or -48.8%), Motor vehicles; parts and accessories (8701... (C$-326M or -13%), and Silver (C$-266M or -70.2%).
About. Overview In 2022, Canada was the number 9 economy in the world in terms of GDP (current US$), the number 9 in total exports, the number 12 in total imports, the number 14 economy in terms of GDP per capita (current US$) and the number 31 most complex economy according to the Economic Complexity Index
Economic Complexity Index
The Economic Complexity Index (ECI) and the Product Complexity Index (PCI) are, respectively, measures of the relative knowledge intensity of an economy or a product.
Canada continues to have strong trading ties to the United States, the European Union and China, its top 3 trading partners. Goods exports to the United States and the European Union grew well, supported by free trade agreements with these partners.
The United States is Canada's chief trading partner, constituting more than two-thirds of all Canadian trade; exports account for a larger share of trade than imports.
The Canada-U.S. partnership is forged by shared geography, similar values, common interests, strong personal connections and powerful, multi-layered economic ties.
The U.S. goods and services trade deficit with Canada was $53.5 billion in 2022. U.S. goods exports to Canada in 2022 were $356.5 billion, up 15.1 percent ($46.8 billion) from 2021 and up 22 percent from 2012.
About three-quarters of Canada's exports are destined for a single market—the United States, whose economy has steadily expanded in size over time to reach some US$25 trillion of gross domestic product today. Canada also sources the bulk of our imports from the U.S.
Canada is a wealthy nation because it has a strong and diversified economy. A large part of its economy depends on the mining of natural resources, such as gold, zinc, copper, and nickel, which are used extensively around the world. Canada is also a large player in the oil business with many large oil companies.
The United States was again Canada's largest trading partner in 2022, with over $960.9 billion in total trade (on a customs basis), accounting for close to two-thirds (63.4%) of the more than $1.5 trillion in worldwide trade.
Kerry Buck, a former Canadian ambassador to NATO, said Canada has long relied on the United States to be its security umbrella. She said Canadian diplomats and defense officials “are fully aware” of the impact that shortfalls have “on Canada's international reputation and our reputation with our U.S. partners.”
The main products that Canada exported to Mexico were Motor vehicles; parts and accessories (8701 to 8705) ($1B), Rapeseed ($876M), and Rapeseed Oil ($326M). Over the past 5 years the exports of Canada to Mexico have increased at an annualized rate of 1.8%, from $6.76B in 2017 to $7.39B in 2022.
In 2022, Canada exported $25.4B to China. The main products exported from Canada to China were Coal Briquettes ($2.69B), Crude Petroleum ($2.29B), and Rapeseed ($1.68B).
In 2022, Germany exported $14.1B to Canada. The main products exported from Germany to Canada were Cars ($2.57B), Packaged Medicaments ($1.2B), and Vaccines, blood, antisera, toxins and cultures ($646M).
In 2022, of $436.6 billion in U.S. imports from Canada, the top commodity sectors were Oils, Minerals, Lime, and Cement (36.2% of the total U.S imports from the country), Transportation Equipment (11.6% of such total) and Chemicals, Plastics, Rubber, and Leather Goods (10.2% of such total).
After the European Union, main importers of Canadian services include Bermuda, China, Hong Kong, Switzerland, Japan and Korea. Canada's services exports are becoming less dependent on the U.S. market as services export markets are growing elsewhere.
Introduction: My name is Rueben Jacobs, I am a cooperative, beautiful, kind, comfortable, glamorous, open, magnificent person who loves writing and wants to share my knowledge and understanding with you.
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