Canada is the 13th most exporting and importing country in the world. Canada is a country that attracts investors by its economic size and its share in world trade.
Canada Economy and International Trade Data
Canada is the 13th most exporting country in the world with 449.8 billion USD export.Canada is the 13th most importing country. total imports 458.9 billion USD. When we compare the import and export figures, we see that Canada has a current account deficit of 9.1 billion USD.
Canada is one of the countries with the highest purchasing power among the G20 countries with annual GDP per capita of USD 1.53 trillion and USD 48100 per capita. On the other hand, although it has a large area of 10 million square meters, it has an extremely low population of 37 million.
- GDP (Million $) 1,711,390 (IMF, 2018)
- GDP per person ($) 48100 (IMF, 2018)
- Population 37,060,000 (IMF, 2018)
- Growth Rate (%) 2,2% (IMF, 2018)
- Total Exports in 2018: USD 449,8 billion
- Total breakdown of 2018: 458,9 billion USD
- Current account deficit: USD 9,1billion
Canada Trade War With USA
The NAFTA agreement, which has been in place between the United States, Mexico and Canada since 1992, was replaced by the USMCA agreement in November 2018. There will be no tariffs for NAFTA among countries, but there are some arrangements made in favor of the United States.
Despite a population of 37 million, Canada has an intense trade volume with the United States, which has a population of 327 million. Founded in partnership with Canada, the United States and Mexico, NAFTA offers customs free trade with the US right next to Canada
Canada exported 337,78 billion USD to the US in 2018.
Compared to Canada's total exports, exports to the US are 75% of its total exports. Canada's imports from the US is 234.45 billion USD. Therefore, we see that Canada has an advantage of US $ 103.33 bn in its bilateral trade with the US.
With the USMCA agreement, Canada allowed US dairy producers to enter the Canadian market by 3.5%. This is equivalent to $ 16 billion a year.
220,000 families living in Canada with the production and sale of dairy products will be subsidized by the Canadian government against possible US competition.
According to the new agreement, Canada will be able to export up to 2.6 million cars annually to the US. Currently, the export of car from Canada to the USA is below 2 million. that is, this quota is not for now, but for the future. On the other hand. Labor costs for automotive companies that will export to the US will not be below 16 USD.
The tensions between Canada and the United States began with the US imposing 25% additional taxes on aluminum and steel imports from Canada. the US did not step back.
Despite a population of 37 million, Canada has an intense trade volume with the United States, which has a population of 327 million. Founded in partnership with Canada, the United States and Mexico, NAFTA offers customs free trade with the US right next to Canada
Canada exported 337,78 billion USD to the US in 2018.
Compared to Canada's total exports, exports to the US are 75% of its total exports. Canada's imports from the US is 234.45 billion USD. Therefore, we see that Canada has an advantage of US $ 103.33 bn in its bilateral trade with the US.
With the USMCA agreement, Canada allowed US dairy producers to enter the Canadian market by 3.5%. This is equivalent to $ 16 billion a year.
220,000 families living in Canada with the production and sale of dairy products will be subsidized by the Canadian government against possible US competition.
According to the new agreement, Canada will be able to export up to 2.6 million cars annually to the US. Currently, the export of car from Canada to the USA is below 2 million. that is, this quota is not for now, but for the future. On the other hand. Labor costs for automotive companies that will export to the US will not be below 16 USD.
The tensions between Canada and the United States began with the US imposing 25% additional taxes on aluminum and steel imports from Canada. the US did not step back.
Canada Economy
When the Canadian GDP figures are analyzed, it is understood that the service sector is the locomotive with a share of 70%.Sectoral Breakdown of GDP:
Agricultural sector: 1.7%,
Industry sector: 28.1%,
Service industry: 70.2%
Canada has a low population profile. Unemployment is around 6.5%. 1.6% inflation, government incentives for investors, low energy costs and balanced taxation make Canada an attractive country to work or start a business.
Kana is the world's largest producer of zinc and uranium. In addition, it has rich oil and natural gas reserves. The country covered by forests is one of the largest lumber producers in the world.
Top Export Products from Canada
- Mineral fuels, mineral oils and products of their distillation: 98.84 billion USD
- Vehicles and parts and accessories: 60,51 billion USD
- Machinery, mechanical appliances, parts: 34.54 billion USD
- Commodities not elsewhere specified: 20,28 billion USD
- Natural or cultured pearls, gems: 17,99 billion USD
- Wood and articles of wood: 14.28 billion USD
- Plastics and articles thereof: 13.62 billion USD
- Electrical machinery and equipment and parts: 13,38 billion USD
- Aircraft, spacecraft, and parts: 10,59 billion USD
- Aluminium and articles: 10,01 billion USD
Canada Most Exporting Countries
- USA : 337,78 billion USD
- China : 21,27 billion USD
- United Kingdom : 12,62 billion USD
- Japan : 9,98 billion USD
- Mexico : 6,33 billion USD
- Korea Republic : 4,52billion USD
- Germany : 3,72 billion USD
- Netherlands : 3,66 billion USD
- India : 3,21 billion USD
- Hong Kong : 3,01 billion USD
Top Import Products in Canada
- Vehicles and parts and accessories: 75,44 billion USD
- Machinery, mechanical appliances, parts: 68,83 billion USD
- Electrical machinery and equipment and parts: 44,83 billion USD
- Mineral fuels, mineral oils and products: 36,09 billion USD
- Plastics and articles thereofs: 17,00 billion USD
- Optical, photographic, cinematographic, measurings: 12,57 billion USD
- Pharmaceutical products: 12.51 billion USD
- Iron or steel: 10.81 billion USD
- Commodities not elsewhere specified: 9,79 billion USD
- Furniture; bedding, mattresses: 9.33 billion USD
Most Import Countries to Canada
- USA : 234,45 billion USD
- China : 58,24 billion USD
- Mexico : 28,37 billion USD
- Germany : 14,70 billion USD
- Japan : 12,98 billion USD
- Korea Republic : 7,27 billion USD
- United Kingdom : 7,08
- Italy : 6,93 billion USD
- France : 5,54 billion USD
- Taipei Chinese : 4,53 billion USD
Public Holidays and Working Hours in Canada
- 1-2 January - New Year
- 18 February - Family Day
- Good Friday - changing every year
- Easter - changing every year
- May 20 - Victory Day
- June 24 - Quebec National Day
- July 1 - Canada Day
- August 5 - National Day
- 2 September - Labor Day
- October 14 - Day of Creation
- November 11 - Remembrance Day
- 25-26 December - Christmas
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