Canada’s Top Import And Exports
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The Dominion of Canada, also known as the Great White North, shares a busy and extensive southern land border with its largest trading partner, the United States of America.
In 2020, Canada shipped 390.8 billion dollars worth of goods around the world.
This figure represents a 0.1 percent increase from 2016 to 2019, but a -12.5 percent decrease from 2019 to 2020.
According to a continental perspective, 74.6 percent of Canada’s exports were delivered to other North American countries, while 12.3 percent were sold to Asian importers.
Another 10.1 percent of Canada’s exports went to Europe.
Latin America, excluding Mexico but including the Caribbean got 1.4 percent, Africa got 1 percent, and Oceania, led by Australia and New Zealand, received smaller percentages of 0.5 percent.
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Canada’s Top Trading Partners
The following is a list of 15 of Canada’s most important trading partners, as well as the countries that imported the most Canadian shipments in terms of dollar value in 2020.
The percentage of total Canadian exports for each import country is also shown.
The United States has a GDP of 287.1 billion dollars which is 73.5 percent of total Canadian exports.
18.8 billion dollars in China which is 4.8 percent
15 billion dollars in the United Kingdom which is 3.8 percent
9.2 billion dollars in Japan which is 2.4 percent
4.8 billion dollars in Germany which is 1.2 percent
4.6 billion dollars in Mexico which is 1.2 percent
4.1 billion dollars in the Netherlands which is 1 percent
3.5 billion dollars in South Korea which is 0.9 percent
2.8 billion dollars in France which is 0.7 percent
2.8 billion dollars in Italy which is 0.7 percent
2.7 billion dollars for India which is 0.7 percent
Norway is worth 1.9 billion dollars which is 0.5 percent
Belgium is worth 1.9 billion dollars or 0.5 percent
1.6 billion in Brazil is valued at 0.4 percent
1.6 billion for Australia is valued at 0.4 percent
In 2020, the above 15 trade partners accounted for over nine tenths or 92.7 percent of Canadian exports.
Norway went up with 17.1 percent, Italy was up with 12.8 percent, and China went up by 12.8 percent are the top three increasers among Canada’s top trading partners which were up by 7.2 percent.
India was down by minus 24.1 percent, Belgium down by minus 20.2 percent, and Mexico were the top decliners in terms of consuming Canadian exports down by minus 16.7 percent.
From 2019 to 2021, the value of Canada’s shipments to its largest customer, the United States, decreased by 14.8 percent.
Canada’s Top 10 Imports:
In 2020, Canada will import 405 billion dollars worth of goods from foreign suppliers.
This represents a 0.6 percent increase over 2016, but a minus 10.6 percent decrease from 2019 to 2020.
The Canadian dollar has depreciated by minus 1.2 percent against the US dollar since 2016, according to the average exchange rate for 2020, and has retreated by minus 1.1 percent from 2019 to 2020.
Because of Canada’s weaker local currency, imports paid in stronger US dollars were relatively more expensive when converted from the loonie.
From a continental perspective, fellow North American countries accounted for 55 percent of Canada’s total imports by value in 2020.
25.8 percent of Canada’s imports came from Asian partners, while 14.1 percent came from Europe.
Latin America with 3.3 percent, excluding Mexico but including the Caribbean, Africa with 1.2 percent, and Oceania with 0.6 percent, led by Australia and New Zealand, received smaller percentages.
Given Canada’s population of 38 million people, the country’s total of 405 billion dollars in goods imported in 2020 equates to roughly 10,700 dollars in annual product demand from each citizen.
In terms of dollar value, the following product groups will account for the majority of Canada’s import purchases in 2020.
The percentage share of each product category in terms of total imports into Canada is also shown.
61.2 billion dollars in machinery, including computers, account for 15.1 percent of total imports.
56.2 billion dollars in vehicles account for 13.9 percent
39.7 billion dollars in electrical machinery and equipment account for 9.8 percent
Mineral fuels, which include oil, are worth 20.2 billion dollars valued at 5 percent
17.4 billion dollars in gems and precious metals account for 4.3 percent
16 billion dollars in plastics and plastic articles account for 3.9 percent
14.3 billion dollars in pharmaceuticals account for 3.5 percent
11.5 billion dollars in optical, technical, and medical equipment account for 2.8 percent
8.8 billion dollars in iron and steel articles account for 2.2 percent
8.3 billion dollars in furniture, bedding, lighting, signs, and prefabricated buildings account for 2.1 percent
Over three fifths or 62.6 percent of the total value of Canada’s product purchases from other countries was accounted for by its top ten imports.
The value of gems and precious metals increased by 68.3 percent from 2019 to 2020, owing to increased purchases of gold, silver, and platinum.
The pharmaceuticals category, with a 3.2 percent increase, was the other top category to show improved import sales.
Mineral fuels, including oil was down by minus 39.4 percent and vehicles were the top import decliners in Canada down by minus 24.5 percent.
Canada’s Top 10 Exports:
In 2020, Canada exported a total of 390.8 billion dollars worth of goods around the world.
This figure represents a 0.1 percent increase from 2016 to 2019, but a minus 12.5 percent drop from 2019 to 2021.
The Canadian dollar has depreciated by minus 1.2 percent against the US dollar since 2016, according to the average exchange rate for 2021, and has retreated by minus 1.1 percent from 2019 to 2021.
Canadian exports paid for in stronger US dollars were relatively less expensive for international buyers due to the weaker local currency.
Crude oil, automobiles, gold, automotive parts or accessories, and sawn wood were Canada’s top export products by value in 2020.
Over a quarter of Canada’s total export sales are accounted for by these major exports.
The commodities themselves point to a reasonably diverse range of exported goods.
Canada is a world leader in the export of sawn wood, crude oil, automobiles, and gold.
According to the most recent available country specific data, importers in the United States represents 73.5 percent of the global total, China with 4.8 percent, the United Kingdom with 3.8 percent, Japan with 2.4 percent, Germany with 1.2 percent, Mexico with 1.2 percent, the Netherlands with 1.0 percent, South Korea with 0.9 percent, France with 0.7 percent, Italy with 0.7 percent, India with 0.7 percent, and Norway with 0.7 percent purchased 91.4 percent of products exported from Canada.
In terms of value, 74.6 percent of Canada’s exports were delivered to other North American countries, while 12.3 percent were sold to Asian importers.
Another 10.1 percent of Canada’s exports went to Europe.
Latin America, excluding Mexico but including the Caribbean with 1.4 percent, Africa got 1, percent and Oceania, led by Australia and New Zealand, received smaller percentages of 0.5 percent.
With a population of 38 million people, Canada’s total exports of 390.8 billion in 2020 equate to roughly 10,300 dollars per resident.
The following export product groups are the most valuable in terms of dollars in Canadian global shipments in 2020.
The percentage share of each export category in terms of total exports from Canada is also shown.
Mineral fuels, including oil, are valued at 69 billion dollars or 17.7 percent of total exports
46.5 billion dollars in vehicles or 11.9 percent
28.9 billion dollars in machinery, including computers or 7.4 percent
23 billion dollars in gems and precious metals valued at 5.9 percent
13.5 billion dollars in wood which account for 3.4 percent
12.4 billion dollars in plastics and plastic articles account for 3.2 percent
11 billion dollars in electrical machinery and equipment account for 2.8 percent
9.9 billion dollars in ores, slag, and ash account for 2.5 percent
9.7 billion dollars for aircraft and spacecraft account for 2.5 percent
8.5 billion dollar in pharmaceuticals account for 2.2 percent
The top ten exports from Canada account for roughly three fifths or 59.5 percent of the total value of Canadian global shipments.
Wood was the fastest growing of the top ten export categories, with a 15 percent year over year increase since 2019.
Ores, slag, and ash came in second with a 12.3 percent increase in export sales, led by iron and copper.
Canada’s gem and precious metal shipments grew at the third-fastest rate, increasing by 8 percent year over year, owing to higher revenues from exported platinum and silver.
Mineral fuels, including oil, were the biggest loser among Canada’s top 10 export categories, falling by minus 29.8 percent due to lower revenues from petroleum oils and gases.
Canada’s total exported goods account for 21.6 percent of the country’s overall Gross Domestic Product valued at 1.809 trillion in Purchasing Power Parity US dollars in 2020.
In 2020, exports will account for 21.6 percent of overall GDP per PPP, down from 23.5 percent a year ago.
Although based on a limited timeframe, this appears to indicate a decreasing reliance on products sold on international markets for Canada’s total economic performance.
The unemployment rate is another important indicator of a country’s economic performance.
According to the International Monetary Fund, Canada’s unemployment rate in 2020 was 9.4 percent, nearly double the average of 5.825 percent in 2019.
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