Click here for our how-to guide. Read this article. Another huge import category is digital products such as phones and computers. Find out all about how to become a non-resident importer in Canada here. Cars are near the top of the list again, showing that Canada exports even more cars than it imports.
The list of documents is slightly longer when exporting from Canada, however. They exclude compensation of employees and investment income formerly called factor services and transfer payments. Definition Exports of goods and services represent the value of all goods and other market services provided to the rest of the world. Canada top 5 Export and Import partners. Canada Exports and Imports of Product Groups.
Top 5 Products exports imports at HS 6 digit level. Product Code Product Name Petroleum oils, etc, excl. Tariffs Definition The OTRI captures the trade policy distortions that each country imposes on its import bundle. It measures the uniform tariff equivalent of the country tariff and non-tariff barriers NTB that would generate the same level of import value for the country in a given year.
Definition Number of distinct NTM measures in effect in a country in a particular year. For more information click here Last Updated Jul Definition Total population is based on the de facto definition of population, which counts all residents regardless of legal status or citizenship. The values shown are midyear estimates. Definition GDP at purchaser's prices is the sum of gross value added by all resident producers in the economy plus any product taxes and minus any subsidies not included in the value of the products.
It is calculated without making deductions for depreciation of fabricated assets or for depletion and degradation of natural resources. Dollar figures for GDP are converted from domestic currencies using single year official exchange rates. For a few countries where the official exchange rate does not reflect the rate effectively applied to actual foreign exchange transactions, an alternative conversion factor is used. GNI is the sum of value added by all resident producers plus any product taxes less subsidies not included in the valuation of output plus net receipts of primary income compensation of employees and property income from abroad.
GNI, calculated in national currency, is usually converted to U. To smooth fluctuations in prices and exchange rates, a special Atlas method of conversion is used by the World Bank. This applies a conversion factor that averages the exchange rate for a given year and the two preceding years, adjusted for differences in rates of inflation between the country, and through , the G-5 countries France, Germany, Japan, the United Kingdom, and the United States.
White label accounts can distribute our data. Balance of Trade. Current Account. Current Account to GDP. External Debt. Terms of Trade. Capital Flows. Foreign Direct Investment. Oil Exports. Tourist Arrivals. Similar to exports, the growth in the volume of imports also slowed in across both developed economies and emerging markets. Merchandise import volumes grew faster in developed economies from to , but the trend reversed beginning in World merchandise exports Footnote 5 grew 9.
North America had the lowest rate of merchandise export growth in , at 7. Among the major North American economies, Mexico had the highest rate of merchandise export growth, and Canada the lowest. As a result, Mexican exports surpassed those of Canada, causing the two countries to switch rank 12th to 13th for Canada and 13th to 12th for Mexico among the largest merchandise exporters to the world. Merchandise imports in North America grew by 8.
As a result, Canada and Mexico switched places in the ranking of global merchandise importers. Other movements among the top merchandise importers include the Netherlands overtaking Hong Kong SAR in 7th place, and India overtaking Italy in 10th place.
North America was the second-slowest growing region 4. World commercial services imports grew 7. In North America, commercial services imports increased 3. As a result, annual global FDI inflows are near their low point, reached after the global financial crisis in Household consumption was the leading contributor to growth, but that contribution declined to 1.
High household debt relative to disposable income played a role in slowing down household consumption. The introduction of tighter mortgage financing guidelines weighed heavily on the housing sector last year as investment in residential structures declined and was a negative contributor to growth.
Non-residential business investment contributed positively to growth, but its contribution was low at 0. Trade, which had been a drag on growth in , made a marginally positive contribution in An acceleration in the growth of real exports along with a deceleration in real imports combined to make the turnaround possible. Economic output rose by 1. Source: Statistics Canada, Table and Table ; retrieved on Similar to economic growth, Canadian employment growth moderated in —up by , jobs compared to , jobs in Despite the smaller increase in employment, the unemployment rate fell in , averaging 5.
Concomitantly, average hourly wages grew by 2. Leading the growth was the transportation category 4. Despite this growth, gasoline and energy Footnote 8 costs were slightly lower than in , a peak year. Excluding energy, the CPI grew by 1. On an annual average basis, the Canadian dollar remained relatively steady in when benchmarked against the US dollar, appreciating by 0.
However, on a monthly average basis, the Canadian dollar has been on a depreciating trend since September The price of crude oil is of interest for the Canadian economy, particularly the price differential between West Texas Intermediate WTI , which is representative of American crude oil pricing, and Western Canadian Select WCS , which is representative of Canadian oil sands crude oil pricing. To address these issues and to provide price relief to WCS , the Alberta government put in place mandated crude oil production cuts, and made public its intention to acquire locomotives and rail cars for crude oil transportation.
Another issue of interest is the high level of household debt in Canada. A persistently high and increasing level of household debt can cause constraints to household consumption, an important driver of economic growth. On the other hand, continued strength in the labour market should mitigate some of the negative impact of household debt.
Goods-producing industries grew at 2. On the goods side, oil and gas extraction was up 7. Construction grew by a meagre 0. Within manufacturing, durables grew by 2. Growth in non-durables was more robust at 2. In , growth on the services side was led by professional, scientific and technical services 3. Growth in real estate services moderated to 1. The information and communication technology sector continued to be a bright spot in , growing at 3.
Overall employment grew by 1. On the goods side, utilities employment grew the fastest—at 9. Employment in the forestry, fishing, mining, quarrying, and oil and gas sector grew by 3. Employment growth in manufacturing was tepid at 0. On the services side, transportation and warehousing led employment growth at 5. Although Canada has the lowest level of national unemployment since 5.
Notwithstanding strong employment growth in Prince Edward Island 3. Furthermore, its wage growth was the highest among provinces, at 3. Continued solid employment growth 1. As a result of weak employment growth 0.
However, wage growth in the province was solid, at 2. Employment growth in Saskatchewan was the second-weakest among provinces and territories, and the unemployment rate was above the national average. Source: Statistics Canada, Table , Table and Table ; retrieved on The Ivey PMI , which measures the month-to-month variation in economic sentiment as indicated by a panel of purchasing managers from across Canada, has been trending downward to sit at Results for several BOS survey questions in the spring edition were below historical averages.
Soft economic conditions persisted into early , but the Bank of Canada expects activity to pick up later in , resulting in an economy forecasted to grow by 1. The negative effects of low oil prices, housing policy changes, and increases in borrowing rates should fade out later in The pickup in economic activity is expected to spill over into , supporting Canadian economic growth of 2.
Global trade tensions, for example between the United States and its trading partners, along with tensions between the parties to Brexit are sources of great uncertainty in the economic forecast, as persistent or escalating tensions can reduce foreign demand, disrupt global value chains, lower business confidence and depress commodity prices.
On the other hand, if trade tensions are resolved, economic activity could be stronger than expected. However, these gains were partially offset by the combination of a widening income deficit and the services trade balance moving sideways. Overall, export prices increased 2. Canadian goods exports grew for the second consecutive year in , with export up in all sectors, except motor vehicles and parts. Unlike the previous year, the growth of Canadian exports was driven more by an expansion in volumes than in export prices, as volumes were up 4.
On the price side, prices of forestry, building and packaging products were up 9. Crude oil, the main component of this category, experienced large price fluctuations, as its average price rose steadily in the first five months of and then trended downward slightly until October, before falling sharply in November. By destination, goods exports to the United States increased 5.
However, due to falling gold exports, these strong gains were partially offset by declining exports to the United Kingdom Source: Statistics Canada, Tables , and ; retrieved on 24 06 Imports increased in all sectors, led by metal ores and minerals, energy products, and aircraft and other transportation equipment—all of which posted double-digit growth rates.
Volumes expanded by 3. At the same time, import prices rose 2. Regionally, imports from the United States were up 5. In , Canadian services exports grew for the ninth consecutive year, up 5.
Nevertheless, Canada continued to run a services trade deficit with every broad region and most major trading partners; nearly half of this deficit was with the United States. Travel exports accounted for nearly one quarter of services exports in and were once again the fastest-growing sector, up 8. Exports of transportation services increased moderately, up 4. In contrast to last year, commercial services exports rose modestly in , up 5.
On the import side, travel imports rose 5. Imports of commercial services grew much slower than commercial services exports, only up 1. Imports of financial services fell 7. Other major sub-sectors posted minor changes in At the same time, services imports advanced marginally, up 0.
The bulk of the movements for both exports and imports occurred in travel services. In , services exports to the rest of the world ROW climbed 7. On the import side, services imports from ROW rose 6. Source: Statistics Canada, Tables and ; retrieved on Moreover, investment in other industries nearly doubled. The level of inward FDI stock from Europe 4. Compared to a decade ago, the distribution of foreign investors in Canada is slightly more diverse but still dominated by North America and Europe.
Growing FDI in the finance and insurance sector, which was responsible for approximately one quarter of total FDI stock growth in , only contributed 7. In line with international standards, statistics on source countries of FDI have traditionally been compiled according to the immediate investing country IIC , which is the last country through which the FDI transited before entering the domestic economy. While this measure is appropriate for evaluating the direct investment flows and corresponding funds exchanged between countries, it does not shed light on the real FDI source country where the ultimate investor originates.
Under UIC , China accounted for 3. In , CDIA presented a completely different picture compared to inflows. The stock of CDIA grew for the ninth consecutive year. The stock of Canadian investment in Asia and Oceania grew at a relatively slower rate, up 4.
By comparison, Canadians decreased their investments in South and Central America and Africa, down 1. The Canadian economy, and by extension Canadians, gain from this trade in many ways, with the growth of trade linked to higher incomes and living standards State of Trade, This exposure can be mitigated through trade diversification.
Other dimensions include regional diversification for instance, provincial spread of Canadian exporters , type of exporter small, medium, and large enterprises , and diversity in ownership or control of an exporting firm, with women ownership and Indigenous ownership being two facets of this diversification dimension. Additionally, it allows Canadian exporters to take advantage of opportunities in new and expanding markets.
Exactly how this is accomplished depends on the dimension of diversification considered. Geographic diversification of exports helps hedge risks related to a particular export market; these risks can include, but are not limited to, political risks such as trade protectionist policies, country-specific economic shocks, and exchange rate volatility. Footnote 16 It is important to note that, much like using diversification to limit risk in portfolio investment, diversification will only mitigate unsystematic risk.
For example, in the global economic and financial crisis of —, the vast majority of developed countries saw their economies contract, thus lowering their demand for imports. A greater geographic diversification of exports can also be beneficial to the Canadian economy in ensuring that Canadian exporters do not miss out on opportunities in emerging, fast-growing economies, and that Canadian exports are not overly focused on slower growing developed economies.
Accessing new and fast-growing markets also provides a feedback effect of further diversifying Canadian exports; OCE research shows that entering fast-growing markets earlier gives an additional positive boost to exports in those markets. This research is discussed further in part two of this chapter. Product diversification can also help abate risks from external shocks. Footnote 18 Once again, it is important to note this diversification is only a hedge against unsystematic risk, i.
A final benefit of product diversification, again akin to geographic diversification, is that it allows greater access to new and fast-growing markets, but in this case product markets as opposed to geographic markets.
The wider range of products exported will allow a country to take advantage of faster growing product sectors. Diversification in the regional distribution of exporters, type of exporter, and ownership of exporting firms is important because these dimensions of diversification spread the gains from trade across Canada and among Canadians.
For instance, firms that export have been shown to be more productive and, on average, pay higher wages than non-exporting firms State of Trade, Having exporting firms dispersed across Canadian regions and communities will help economic benefits and opportunities distribute evenly throughout the country. Additionally, lowering barriers to exporting for small and medium firms will help them grow and prosper, while providing support for women-owned or Indigenous-owned enterprises to export will make the gains from trade more inclusive.
These different dimensions of diversification do not stand alone but intersect: each is related to the others and bolster their mutual benefits. For example, if a specific country impose a tariff on a specific Canadian export, the damage could be reduced by both geographic and product diversification.
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