Canada is a nation well known for its maple syrup and ice hockey. But did you know it also ranks as one of the top 20 import-export nations in the world? Canada import export data reveals a more detail-oriented scenario.
These figures can help comprehend the need-demand curve within popular consumption, and the shift of trends amongst other essential characteristics. But more importantly, they give an insight into the effectiveness of Canada's imports and exports.
What Is Canada's Trade Ecosystem?
The Government of Canada database suggests that nearly a total estimate of around $1.18 trillion of merchandise was in circulation in 2018. With regards to diversification, import-export Canada mostly propagated and identified its needs-demands with the United States.
Since 2018, Canada has proposed global allegiances with nations like the US, Mexico, Japan, Germany, and China, amongst other new international friends. In terms of growth, there was a total growth of 5.8% and 5.6% for import-export Canada. However, the global recession during Covid decelerated the trade in certain ways.
How Did Covid Impact Canada's Trade Ecosystem?
With an initial decline of the curve in terms of exports, there decreased to 12.4%, while imports fell to 8.4%. Hence Canada Imports and Exports dropped in a rather unprecedented way amid the global Covid 19 Pandemic
Subsequently, the conditions were further aggravated by the closing of car assembly lines in Ontario, pipeline fractures in North Dakota, amongst other circumstances. However, the growth is being worked up utilizing Canada Import Export Data to its full potential.
How Much Does Canada Import And Export?
Any country or nation is incomplete in its economic threshold without its basic components, imports, and exports. The following tables will designate the Canada imports and exports specializations as precedent through statistical analysis.
1. Canada's Imports For 2018-2019
In 2019, Canada ranked 12th position globally in total imports. From being the largest importer of Aqueous Paints accounting for $552 million in 2019, Canadian imports have seen a general rise in the following year. Some of the important Imports signified over the years 2018-19 have been attested below:
Commodity
Import Value
Automobile Products
$115 billion
Computer Machinery
$69 billion
Electronics
$72 billion
Plastics
$45 billion
Energy
$37 billion
2. Canada's Exports For 2018-2019
Canadian automobiles and cars share an international clientele in Japan and America, amongst others. Similarly, the North American subcontinent is attested with its extensive mineral supplies of precious metals, energy-driven minerals, and base metals. Their duly recognized crude energy oil supplies aided in the progress of the USA in general.
On the other hand, half the nation of Canada is covered in forests. Hence the timber import exports Canada also cover to be rather profitable for the nation. Particularly, in terms of resurrecting furniture stores, paper industries etc.
With the 11th global rank in exports, Canada is one of the top ten thriving economies in the world. Further, this table designates some of the other important export materials for the nation of Canada.
Commodity
Export Value
Commercial Services
$74 billion
Travel
$47 billion
Transportation
$32 billion
Timber
$17.1 billion
Government Services
$1.4 billion
How Does Trade Improve The Canadian Economy?
Trade, in general, heightens an aspect of the Canadian economy that does not get its due credit elsewhere. According to the statistics by the Government of Canada, trade has helped secure the following benefits:
- Improved wages
- Experience of innovation and unique distinctions
- Opportunity to serve the global market
- Amplified standard of living
What’s The Forecast Of Trade In Canada?
Thus, it is important to tabulate and learn from the up-down curve that hits every country during their reign and hits Canada in its due course of time. However, the forecast is that Canada’s economy will expand by 4.4 percent by 2022, and consequently witness an increase in both imports and export.
