Imports/Exports in Canada
Canada is a country open to outside and trade represents more than 60 % of its GDP.
The United States takes about 80% of Canadian exports. Canada is the United States' biggest foreign energy supplier, including the supply of oil, gas, uranium and electric power. Its other main trading partners are the European Union, Japan, China and Mexico.
As an effect of the global economic crisis, the Canadian trade balance has turned negative, as exports were falling quickly and imports began to recover much less rapidly. Exports have been stagnating in 2010, while imports have risen, thus creating a trade deficit.
|Foreign Trade Indicators||2006||2007||2008||2009||2010|
|Imports of Goods (million USD)||359,000||390,188||419,011||329,905||401,540|
|Exports of Goods (million USD)||388,178||420,693||456,471||316,724||387,155|
|Imports of Services (million USD)||71,841||81,723||87,953||77,579||89,383|
|Exports of Services (million USD)||58,880||63,785||66,378||57,476||66,302|
|Imports of Goods and Services (Annual % Change)||4.9||5.9||1.2||-13.9||-|
|Exports of Goods and Services (Annual % Change)||0.7||-||-||-||-|
|Imports of Goods and Services (in % of GDP)||33.6||33.0||33.7||30.4||-|
|Exports of Goods and Services (in % of GDP)||36.1||35.0||35.3||28.7||-|
|Trade Balance (million USD)||43,655||43,770||45,009||-4,246||-|
|Trade Balance (Including Service) (million USD)||44,794||41,900||42,431||-||-|
|Foreign Trade (in % of GDP)||69.8||68.0||69.0||59.1||-|
Source: WTO - World Trade Organization ; World Bank
Main Partner Countries
(% of Exports)
|United Arab Emirates||0.3%|
|Other partnersClose extended list||14.2%|
(% of Imports)
|Canada This flow is explained by the way local Customs Authorities report trade with overseas or special territories (e.g. Hong Kong or Taiwan in the case of China, French West Indies in the case of France, etc) as well as the treatment of re-imported (or re-exported) products, which get out (or enter) of the country for a limited time, with the intention of being re-imported (or re-exported) without significant transformation overseas.||1.0%|
|Other partnersClose extended list||27.0%|
Exchange Rate System
- Exchange Rate Regime
- The Bank of Canada controls and establishes the regulations concerning transfers of capital with foreign countries. There is free convertibility of currency, the right to transfer profits, capital, dividends, interest and fees.
- Level of Currency Instability
At the end of 2007, the Canadian dollar was at parity, or just above, with the American dollar.
The changes Canadian companies are facing are unprecedented. The meteoric rise in value of the Canadian dollar, the uncertainty of the world energy market, the tightening of credit, the slowing down of the American economy and the weakness of the whole of the manufacturing sector are all conditions which favor the instability of the Canadian dollar.
|Canadian dollar (CAD) - Average Annual Exchange Rate For 1 USD||1.21||1.13||1.07||1.07||1.14|
Source: World Bank
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