Canadà: Visió econòmica i política
Canada is a country open to foreign trade, which represents 67% of its GDP (World Bank, latest data available). Product-wise, Canada’s main exports are energy products (27.2%), consumer goods (11.4%), metal and non-metallic mineral products (11%), motor vehicles and parts (10.4%), forestry products and building and packaging materials (7.5%). The country imports mainly consumer goods (20.6%), motor vehicles and parts (15.2%), electronic and electrical equipment and parts (11.2%), industrial machinery, equipment and parts (11.2%), basic and industrial chemical, plastic and rubber products (8.9% - data Statistics Canada 2022).
The main destinations for Canada’s exports in 2022 were the U.S. (by far the leading partner, accounting for 76.9% of total exports), China (3.7%), the United Kingdom (2.4%), and Japan (2.3%). Similarly, almost half of Canada’s imports had a U.S. origin (49.2%), followed by China (13.5%), Mexico (5.5%), Germany (3%) and Japan (2.3%). In 2022, shipments to the United States reached a record-breaking CAD 595 billion, marking a substantial 24.8% increase. This surge was primarily driven by the upswing in energy exports, which experienced a notable boost in 2022 owing to robust prices. Given the geographical closeness and the comprehensive interconnection of transportation systems (pipelines and railways) handling these products between Canada and the United States, close to 90% of Canadian energy exports were directed towards the U.S. (Statistics Canada). Imports from the United States were up 20% to CAD 471 billion in 2022.
During 2022, the worth of Canada's yearly merchandise exports grew by 22.5%, reaching CAD 779.2 billion, and annual imports saw a 19.9% increase, totalling CAD 757.4 billion. Consequently, Canada's merchandise trade surplus with the world expanded from CAD 4.6 billion in 2021 to 21.8 billion in 2022. More than half of the export increase was driven by the surge in exports of energy products. Trade with the U.S. and Mexico improved consistently, also due to the USMCA (Canada-United States-Mexico Agreement, an updated version of NAFTA). In 2022, both the export and import of services in Canada witnessed growth, propelled by the recovery in international travel. Service exports amounted to CAD 173 billion, reflecting a 16.1% increase from 2021, whereas services imported into Canada reached CAD 189 billion, marking a 25% rise. After being in deficit since 2009, the World Bank estimated the country’s trade surplus at 0.1% of GDP in 2022. Lastly, it has to be noted that in recent years Canada benefited from the effects of the Comprehensive Economic and Trade Agreement (CETA) with the European Union, which entered into force provisionally (it will take full effect once all EU Member States have formally ratified it) eliminating 98% of the tariffs.
Foreign Trade Values | 2019 | 2020 | 2021 | 2022 | 2023 |
Imports of Goods (million USD) | 462,993 | 420,934 | 506,053 | 583,549 | 570,419 |
Exports of Goods (million USD) | 448,817 | 390,821 | 507,992 | 599,032 | 569,257 |
Imports of Services (million USD) | 126,638 | 104,752 | 120,604 | 145,199 | 155,598 |
Exports of Services (million USD) | 115,242 | 98,529 | 118,794 | 132,768 | 148,580 |
Source: World Trade Organisation (WTO) ; Latest available data
Foreign Trade Indicators | 2018 | 2019 | 2020 | 2021 | 2022 |
Foreign Trade (in % of GDP) | 66.6 | 66.2 | 61.6 | 61.9 | 67.3 |
Trade Balance (million USD) | -16,838 | -14,168 | -29,980 | 3,711 | 17,183 |
Trade Balance (Including Service) (million USD) | -33,733 | -25,538 | -36,830 | -878 | 3,492 |
Imports of Goods and Services (Annual % Change) | 3.3 | 0.4 | -9.3 | 7.8 | 7.2 |
Exports of Goods and Services (Annual % Change) | 3.8 | 2.7 | -8.9 | 1.4 | 2.6 |
Imports of Goods and Services (in % of GDP) | 34.3 | 33.8 | 31.9 | 31.0 | 33.5 |
Exports of Goods and Services (in % of GDP) | 32.3 | 32.4 | 29.7 | 30.9 | 33.7 |
Source: World Bank ; Latest available data
Foreign Trade Forecasts | 2023 | 2024 (e) | 2025 (e) | 2026 (e) | 2027 (e) |
---|---|---|---|---|---|
Volume of exports of goods and services (Annual % change) | 5.7 | 3.2 | 2.8 | 3.4 | 3.5 |
Volume of imports of goods and services (Annual % change) | 1.0 | 1.6 | 3.7 | 4.0 | 4.3 |
Source: IMF, World Economic Outlook ; Latest available data
Note: (e) Estimated Data
Main Customers (% of Exports) |
2023 |
United States | 77.6% |
China | 4.0% |
Japan | 2.1% |
United Kingdom | 1.9% |
Mexico | 1.1% |
Netherlands | 1.0% |
South Korea | 0.9% |
Germany | 0.9% |
India | 0.7% |
Hong Kong SAR, China | 0.6% |
Switzerland | 0.6% |
France | 0.6% |
Brazil | 0.5% |
Belgium | 0.5% |
Australia | 0.4% |
Norway | 0.4% |
Italy | 0.4% |
Indonesia | 0.3% |
Spain | 0.3% |
Saudi Arabia | 0.3% |
See More Countries | 13.4% |
Main Suppliers (% of Imports) |
2023 |
United States | 49.6% |
China | 11.8% |
Mexico | 6.1% |
Germany | 3.3% |
Japan | 2.7% |
South Korea | 1.8% |
Vietnam | 1.8% |
Italy | 1.7% |
United Kingdom | 1.2% |
Brazil | 1.2% |
France | 1.1% |
Switzerland | 1.1% |
India | 1.0% |
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. | 0.8% |
Thailand | 0.6% |
Belgium | 0.6% |
Peru | 0.6% |
Netherlands | 0.6% |
Sweden | 0.5% |
Spain | 0.5% |
See More Countries | 26.4% |
Source: Comtrade, 2024. Because of rounding, the sum of the percentages may be smaller/greater than 100%.
Source: Comtrade, 2024. Because of rounding, the sum of the percentages may be smaller/greater than 100%.
To go further, check out our service Import-Export Flows.
143.6 bn USD of services exported in 2023 | |
31.20% | |
26.78% | |
Personal travelPersonal travel | 24.67% |
OtherOther | 63.07% |
Business travelBusiness travel | 2.11% |
13.43% | |
10.15% | |
8.15% | |
5.04% | |
2.96% | |
1.04% | |
0.91% | |
0.33% |
153.1 bn USD of services imported in 2023 | |
25.84% | |
25.54% | |
Personal travelPersonal travel | 22.53% |
OtherOther | 57.69% |
Business travelBusiness travel | 3.01% |
16.77% | |
10.17% | |
8.57% | |
5.06% | |
3.38% | |
3.13% | |
0.91% | |
0.64% |
Source: United Nations Statistics Division, 2024. Because of rounding, the sum of the percentages may be smaller/greater than 100%.
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Actualitzacions: July 2024
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