Canadà: Visió econòmica i política
Canada is a country open to foreign trade, which represents 60% of its GDP (World Bank, 2020). Product-wise, Canada’s main exports are petroleum products (12.3%), motor cars and other vehicles (8.2%), gold (4.1%), and auto parts (2.3%). The country imports mainly vehicles (8.4%), auto parts or accessories (3.6%), automatic data processing machines and telephones (2.4% each - Comtrade).
The main destinations for Canada’s exports in 2020 were the U.S. (by far the leading partner, accounting for 73.3% of total exports), China (4.8%), the United Kingdom (3.8%), and Japan (2.4%). Similarly, almost half of Canada’s imports had a U.S. origin (48.8%), followed by China (14.1%), Mexico (5.5%), Germany (3.2%) and Japan (2.5% - Comtrade).
Canadian trade was weak in 2020: according to data by WTO, exports of goods amounted to USD 390.6 billion, down by 12.5% from the previous year. Imports – at USD 414.1 billion - followed a similar trend (-10.7%). Concerning commercial services, Canada is also a net importer, with imports standing at USD 90.1 billion versus USD 84.4 billion in exports. The country’s trade deficit widened in recent years, attributable to exports in goods lagging imports in goods, partly due to the low prices of hydrocarbons and to the trade tensions with its main business partner, the USA. Meanwhile, the Comprehensive Economic and Trade Agreement (CETA) between Canada and the European Union entered into force provisionally (it will take full effect once all EU Member States have formally ratified it) eliminating 98% of the tariffs, whereas the USMCA (Canada-United States-Mexico Agreement, an updated version of NAFTA) entered into force and is expected to further boost trade among the participating countries. The World Bank estimated the country’s trade deficit at 2% of GDP in 2020. According to the latest governmental figures, Canadian exports advanced 18.7% in the first half of 2021 (y-o-y), as higher exports of resource products were partially offset by lower exports of motor vehicles and parts and aircraft and other transportation equipment. Commercial services is the only component of services trade that is now well above pre-pandemic levels, whereas transportation and travel have not yet begun their recovery. In the same period, total services exports were 19.3% below the pre-pandemic level in Q4 2019, and total services imports were 30.6% lower.
Foreign Trade Values | 2017 | 2018 | 2019 | 2020 | 2021 |
Imports of Goods (million USD) | 443,169 | 470,466 | 463,786 | 414,165 | 504,017 |
Exports of Goods (million USD) | 420,784 | 450,743 | 446,585 | 390,599 | 507,615 |
Imports of Services (million USD) | 106,885 | 119,605 | 120,043 | 90,175 | 104,903 |
Exports of Services (million USD) | 86,776 | 102,243 | 103,698 | 84,434 | 103,790 |
Source: World Trade Organisation (WTO) ; Latest available data
Foreign Trade Indicators | 2017 | 2018 | 2019 | 2020 | 2021 |
Foreign Trade (in % of GDP) | 65.1 | 66.4 | 65.4 | 60.8 | 61.4 |
Trade Balance (million USD) | -19,083 | -16,838 | -13,875 | -29,665 | 3,586 |
Trade Balance (Including Service) (million USD) | -36,238 | -33,733 | -27,407 | -33,738 | 1,889 |
Imports of Goods and Services (Annual % Change) | 4.6 | 3.4 | 0.4 | -10.9 | 7.7 |
Exports of Goods and Services (Annual % Change) | 1.4 | 3.7 | 1.3 | -8.7 | 1.4 |
Imports of Goods and Services (in % of GDP) | 33.6 | 34.2 | 33.5 | 31.4 | 30.6 |
Exports of Goods and Services (in % of GDP) | 31.5 | 32.3 | 31.9 | 29.4 | 30.7 |
Source: World Bank ; Latest available data
Foreign Trade Forecasts | 2022 | 2023 (e) | 2024 (e) | 2025 (e) | 2026 (e) |
---|---|---|---|---|---|
Volume of exports of goods and services (Annual % change) | 1.4 | 1.1 | 2.1 | 2.2 | 2.9 |
Volume of imports of goods and services (Annual % change) | 8.6 | 2.2 | 1.3 | 3.2 | 2.2 |
Source: IMF, World Economic Outlook ; Latest available data
Note: (e) Estimated Data
Main Customers (% of Exports) |
2021 |
United States | 75.5% |
China | 4.5% |
United Kingdom | 2.6% |
Japan | 2.3% |
Mexico | 1.3% |
Germany | 1.0% |
South Korea | 1.0% |
Netherlands | 0.8% |
France | 0.6% |
Belgium | 0.6% |
Hong Kong SAR, China | 0.6% |
Norway | 0.5% |
Switzerland | 0.5% |
India | 0.5% |
Italy | 0.4% |
Spain | 0.4% |
Australia | 0.4% |
Brazil | 0.4% |
Indonesia | 0.4% |
Saudi Arabia | 0.3% |
See More Countries | 13.9% |
Main Suppliers (% of Imports) |
2021 |
United States | 48.5% |
China | 14.0% |
Mexico | 5.5% |
Germany | 3.1% |
Japan | 2.5% |
Italy | 1.7% |
South Korea | 1.7% |
Vietnam | 1.6% |
United Kingdom | 1.3% |
Brazil | 1.2% |
France | 1.2% |
India | 1.0% |
Switzerland | 0.9% |
Belgium | 0.8% |
Canada ![]() |
0.8% |
Thailand | 0.7% |
Peru | 0.6% |
Netherlands | 0.6% |
Malaysia | 0.6% |
Spain | 0.6% |
See More Countries | 26.4% |
Source: Comtrade, 2022. Because of rounding, the sum of the percentages may be smaller/greater than 100%.
Source: Comtrade, 2022. Because of rounding, the sum of the percentages may be smaller/greater than 100%.
To go further, check out our service Import Export Flows.
55.1 bn USD of services exported in 2020 | |
24.51% | |
19.09% | |
18.51% | |
18.20% | |
13.08% | |
2.39% | |
2.06% | |
Telecommunications servicesTelecommunications services | 2.06% |
1.86% | |
0.30% |
66.4 bn USD of services imported in 2020 | |
26.14% | |
20.62% | |
18.21% | |
14.87% | |
9.99% | |
5.96% | |
2.07% | |
Telecommunications servicesTelecommunications services | 2.07% |
1.58% | |
0.56% |
Source: United Nations Statistics Division, 2023. Because of rounding, the sum of the percentages may be smaller/greater than 100%.
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Actualitzacions: January 2023
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