Find Out More About Canada’s Most Important Trading Partners
Canada has many trading partners globally, but the US is its most important trading partner. The trade between Canada and the US accounts for about 70 percent that of Canada, involving large amounts of capital moving in and out of the country. Canada is the largest supplier of energy to the United States, including electric power, oil, gas, and uranium. In agriculture, Canada imports close to 20 percent of its food products from the US while the United States imports over 50 percent of Canada’s food products.
Other important trading partners of Canada are the UK, China, Japan, Mexico, and Germany. Important trading partners of Canada are Brazil, the Netherlands, South Korea, and Norway. The European Union is the country’s second largest trading partner, accounting for 46 billion EURO or over 10 percent of Canada’s trade in 2010. The country is the eleventh most important trade partner of the EU. The European Union and Canada have signed several important agreements, including a Wine and Spirits Agreement of 2003, a Civil Aviation Safety Agreement of 2009, a Veterinary Agreement, and others.
The country exports fishing and agricultural products, automotive products, machinery and equipment, energy products, industrial goods and materials, and more. Diamonds, vehicle parts, nickel, gold, and fertilizers are some of the fast-growing exports. Canada is a major supplier of agricultural products globally, especially of wheat and grains. Agricultural products are exported to the US, East Asia, and Europe. Its major export partners are the UK, US, and China.
The country imports mostly durable consumer goods, machinery and equipment, chemicals, motor vehicles and parts, and so on. The main import partners of Canada are China, the US, and Mexico. From the US, Canada imports vegetables, fruit, machinery, and more while from Japan, it mostly imports manufactured products. Canada also imports processed metals, plastics, and chemicals from the United Kingdom, the main methods of transportation being by plain and ship. With the US, the main methods of transportation are by truck, train, plane, and ship.
Japan is one of the major trading partners of Canada, both in terms of exports and imports. According to Japan’s Ministry of Foreign Affairs, Canada imports machines and equipment, automobiles, and auto parts, and exports amount to 1.24 trillion yen. Japan imports from Canada canola, pork, lumber, coals, pulp, and sea foods worth 1.17 trillion yen. The trade balance between both countries is roughly equal, and they maintain good trade relations. Canada aims to expand its export of high-tech and IT-related products. However, Japan’s main imports are still raw materials and agricultural products while it mostly exports manufactured products to Canada.
Canada’s economy is marked by a degree of external dependence. Thus, the Canadian governments has focused more on improving regulations and systems related to investment and international trade, as well as on building trading relations with more partners.
Interested in Canada manufactoring, find what you are looking for at resources about Canada.
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