Canadà: Visió econòmica i política
Canada is a country open to foreign trade, which represents 61% of its GDP (World Bank, latest data available). Product-wise, Canada’s main exports are petroleum products (16.3%), motor cars and other vehicles (5.8%), gold (3%), and petroleum gas (3%). The country imports mainly vehicles (8.7%), auto parts or accessories (2.9%), petroleum oils (2.7%), and telephones (2.4% - Comtrade 2021).
The main destinations for Canada’s exports in 2021 were the U.S. (by far the leading partner, accounting for 75.5% of total exports), China (4.5%), the United Kingdom (2.6%), and Japan (2.3%). Similarly, almost half of Canada’s imports had a U.S. origin (48.5%), followed by China (14%), Mexico (5.5%), Germany (3.1%) and Japan (2.5% - Comtrade).
Canada’s merchandise trade posted historical growth in 2021 as exports increased by 20.8% compared to one year earlier to reach CAD 631 billion in value, 6.6% more than the pre-pandemic record high in 2019; whereas imports rose 13% to CAD 614 billion, also a new record high (official governmental figures). Most of the growth in exports in 2021 was due to strengthened commodity prices: in real terms, Canadian exports and imports were up by 1.2% and 9.2% from 2020, respectively. Exports improved in every product sector except for motor vehicles and parts, with growth mainly driven by exports of energy, forestry, and metal and non-metallic mineral products. For imports, significant contributions from metal and non-metallic mineral products, basic and industrial chemical, plastic and rubber products, and consumer goods. Trade with the U.S. and Mexico improved consistently, also due to the USMCA (Canada-United States-Mexico Agreement, an updated version of NAFTA). Concerning services, exports totalled CAD 139.4 billion in 2021, a 4.5% increase from 2020. Meanwhile, imports amounted to CAD 145.2 billion, up by 1.7% year-on-year. After being in deficit since 2009, the World Bank estimated the country’s trade surplus at 0.1% of GDP in 2021. 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 | 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) | 2.6 | 3.2 | 1.7 | 2.7 | 3.4 |
Volume of imports of goods and services (Annual % change) | 7.3 | -1.6 | 1.9 | 3.6 | 4.0 |
Source: IMF, World Economic Outlook ; Latest available data
Note: (e) Estimated Data
Main Customers (% of Exports) |
2021 |
United States | 75.4% |
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: June 2023
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