The beauty of Canada is that the list is long. Our government is also playing a leading role in helping more Indigenous people, members of the LGBTQ2+ community and youth succeed in today’s economy. However, the Bank of Canada expects economic growth to pick up in the second half of 2019 and be sustained into 2020. The stock of CDIA grew for the ninth consecutive year. Source: Bank of Canada, Business Outlook Survey, spring 2019; retrieved 28-06-2019. Guide means A Guide to Canada’s Export Control List – December 2018, published by the Department of Foreign Affairs, ... SOR/2019-92, s. 1; SOR/2020-48, s. 1; Previous Version. CDIA flows to the rest of the world increased by 48% or $10 billion. By lowering barriers to trade, these FTAs can help diversify Canadian exports and expand overseas trade. Canada’s trade with the US is facilitated by the North American Free Trade Agreement (NAFTA) which also includes Mexico, a country which imports 1.51% of Canada’s exports. Canada shipped US$446.5 billion worth of goods around the globe in 2019, up by 9.2% since 2015 but down by -0.9% from 2018 to 2019. Finally, the chapter investigated a new dimension of trade diversification, that of exporter ownership, summarizing two reports on women-owned exporters and Indigenous-owned exporters, respectively. Canada’s Top Commodity Imports Canada’s five most imported commodities are: Canada’s Other Notable Imports As a result, finance and insurance became the new number one sector as CDIA flows declined relatively less, by 12%, to $25 billion. The Honourable Jim Carr, Minister of International Trade Diversification. Top Canada Imports. Regionally, imports from the United States were up 5.4% to $391 billion in 2018, while imports from non-U.S. sources grew 6.5% to $216 billion. “Canada’s Geographic Export Diversity.” Global Affairs Canada, Office of the Chief Economist, Working paper (2019b). Defined here as the average percentage share of SMEs’ export sales in total SME sales. $229.7 billion or 50.7% of its overall imports. Nearly half sell exclusively to the United States, and the other 55% sell to both the United States and other international markets. This is not particularly surprising given Canada’s close trade connections with its Southern neighbour. This was $1.6 billion smaller than in 2017. The British Columbia Agrifood & Seafood Export Catalogue helps connect domestic and international food buyers with B.C. Data: Statistics Canada, Survey on Financing and Growth of Small and Medium Enterprises 2017, Note: Due to rounding, the total does not add up to 100%. Revealed Market Advantage Once the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) is fully implemented, Canada will have 14 FTAs in force with 51 partner countries. Canadian goods exports grew for the second consecutive year in 2018, with export up in all sectors, except motor vehicles and parts. Among the top European economies, the Netherlands registered a 20% increase in FDI inflows, while the United Kingdom saw its FDI inflows decline by 36% in 2018, likely due to uncertainty about the Brexit negotiations. Sovereign spread refers to the difference in 10-year government bond yields between a given country and the benchmark yield for safe assets in the same region. European Commission. In 2014, 8.4% of women-owned SMEs exported; this proportion rose to 11% in 2017. “Canada’s Need to Diversify Stronger than Ever.” CanadExport, Global Affairs Canada (2019c). Given that, according to The Canadian Encyclopedia, Indigenous communities are generally no larger than 1,000 individuals, we suspect Indigenous business strategies may include reaching non-local markets at an early stage, and that the additional cost to sell throughout a province and nationally is relatively small compared to selling to other nearby communities and cities. If the HHI analysis is applied to geographic regions (Europe, North America etc. The study also identified obstacles to growth for Indigenous-owned SMEs, notably access to financing and connectivity issues, and how these businesses use social media. Employment in the forestry, fishing, mining, quarrying, and oil and gas sector grew by 3.3% in 2018, but overall employment is still below the 2014 peak (373,600), and the sector had the highest unemployment rate and a slower wage growth than average, despite being the second-highest paying sector in terms of average hourly wage. Exports . Both forecasts expect global economic conditions between 2017 and 2025 to be more supportive of Canadian exports than global economic conditions prevailing between 2011 and 2017. The Canadian government has recognized the need to further diversify Canadian exports. Some power-generating companies not only use coal for electricity ge… Foreign investors’ cumulative holdings of direct investment (stock) in Canada expanded by $42 billion, or 5.0%, to reach $877 billion in 2018. Exports of these products from Canada to Korea grew by 46% in the post-CKFTA period, compared to 3.4% in the pre-CKFTA period. According to the IMF forecast released in April 2019, U.S. economic growth is expected to decelerate to 2.3% in 2019 and 1.9% in 2020. 1 CWRS (Pacific) No. This research highlights that the U.S. market is an important first market for most SME exports as well as a proving ground for many that go on to diversify into overseas markets. Overall, export prices increased 2.9% while import prices grew 2.4%, and Canada’s terms of tradeFootnote 11 improved for the second consecutive year to 94.5, an improvement of 0.4 percentage point over the previous year. Source: Bank of Canada; retrieved on 21-06-2019. Despite the largest ever quarterly gain, GDP remains 5.3% below its late-2019 peak. Goods exports to the European Union rose modestly (+5.9%), but exports to the Netherlands and Italy posted strong growth, up 51% and 33%, respectively. Find out how the GST/HST applies to imports and exports. Data was extracted from UN Comtrade in August and September 2019. Excluding energy, the CPI grew by 1.9% in 2018. Another indication of softening business sentiment can be seen in the Bank of Canada’s BOS indicator, which has declined since the second half of 2018 from positive levels to a negative one. Along with time and cost reductions, the Internet also facilitates transaction processes by giving consumers the ability to order goods and services globally, either directly from a producer or via a digital platform. In contrast, CDIA flows to the rest of the world surged, up 48%, or $10 billion (almost entirely due to increases in M&A). While economic theory suggests that Canadian exports will naturally gravitate to large markets, Scarffe (2019c) investigates whether or not there is a benefit to trading with fast-growing economies; specifically, is there a benefit for Canada to make a strategic effort to increase exports to these economies, and is it better to access these markets early on in their growth. Between 2006 and 2016, Canadian exports of potentially ICT-enabled services grew 67%, compared to 37% for ICT services exports, 30% for not potentially ICT-enabled services exports, and 17% for total merchandise exports. However, annual world merchandise trade still grew faster than at any time between 2012 and 2016, and global commercial services trade expanded by 7.4% in 2018, a little more than an extra one percentage point over 2017. It's critical to note that not all oil imports into Canada are the same; their nature differ when it comes to the west and east. Bernard, Andrew B., Bradford, Jensen, J., Redding, Stephen J. and Peter K. Schott. The negative effects of low oil prices, housing policy changes, and 2017-18 increases in borrowing rates should fade out later in 2019. As with most major economies, Canada’s growth cooled to 1.9% in 2018, after reaching 3% in 2017. The study capitalized on data produced by the CCAB using their organization’s register of 10,000 Indigenous-owned businesses, creating a sample of 1,101 Indigenous entrepreneurs, including nearly 650 Indigenous-owned SMEs. Risks to the forecast tilt toward the downside as trade tensions between United States and various trading partners, uncertainty surrounding Brexit negotiations, stress on Italian banks, and other geo-political issues weigh heavily on the economic outlook. Trade in services with Canada (exports and imports) totaled an estimated $106.3 billion in 2019. The Conference Board of Canada’s forecast points to a 5.2% per year growth in Canadian overseas exports, thus reaching $283 billion by 2025, just slightly below the target. The United Kingdom remained the second-largest destination, with the CDIA stock expanding by 12% to reach $109 billion; Luxembourg, Barbados and Bermuda rounded out the top five. Canada exports for 2019 was $549.48B, a 0.19% decline from 2018. Leading the growth was the transportation category (4.7%), dominated by the gasoline (13%) and air transportation (15%) sub-categories. If you import goods into Canada or export goods to other countries, you need to register for an import-export program account.. We will use your import-export program account number to process customs documents.. To avoid delays in releasing your goods at the border, open your program account before you import or export goods. Shipments to Canada have been fairly stable in recent years. See chapter 3 factsheet, Chapter 1.3 Global investment performance, Chapter 2.1 Canada’s economic performance, Chapter 2.3 Canada’s foreign direct investment performance. Trade: In August 2020, the top exports of Canada were Crude Petroleum (C$5.27B), Cars (C$4.15B), Gold (C$1.34B), Vehicle Parts (C$1.18B), and Sawn Wood (C$912M). Source: Statistics Canada, Table 14-10-0064-01 and Table 14-10-0327-01; retrieved on 21-06-2019. SMEs comprise the majority of Canadian companies and make a substantial contribution to the economy. EXPORT STATISTICS. Nevertheless, Canada continued to run a services trade deficit with every broad region and most major trading partners; nearly half of this deficit was with the United States. A joint study by the Office of the Chief Economist at Global Affairs Canada and the Canadian Council for Aboriginal Business (Bélanger Baur, 2019b) took a closer look at Indigenous-owned SMEs and their propensity to export. Export increases were calculated using Korean import data from the Ministry of Strategy and Finance Korea. Digital technologies enable trade through reductions in time and costs, in addition to being a channel that facilitates transaction processes. Data: Office of the Chief Economist calculations using data obtained from the Canadian Council for Aboriginal Business. The bulk of the movements for both exports and imports occurred in travel services. In line with international standards, statistics on source countries of FDI have traditionally been compiled according to the immediate investing country (IIC), which is the last country through which the FDI transited before entering the domestic economy. Top Canada Imports. As a result, annual global FDI inflows are near their low point, reached after the global financial crisis in 2009. Encouraging SMEs to export could also help Canada realize its 2025 goal of increasing overseas exports by 50%. 1. Services imports expanded by 4.2% to reach $146 billion. The third category includes services that are not likely to be exported over the Internet (e.g. Overall employment grew by 1.3% in 2018, with goods-producing industries advancing by 1.4% and services-producing industries by 1.3%. Global energy prices started to decline in the latter part of 2018; the IMF energy price index dropped 23% between September and December 2018. In contrast to last year, commercial services exports rose modestly in 2018, up 5.2%, or $3.6 billion, to reach $73 billion. In contrast, the FDI stock from South and Central America recorded the fastest regional expansion in 2018, advancing by 10% to reach $17 billion, almost entirely due to Brazilian investment. “Merchandise Trade Performance since the Canada-Korea Free Trade Agreement Entered into Force in 2015.” Global Affairs Canada, Office of the Chief Economist, Working paper (2019). Canada’s commercial services exports grew 5.6% in 2018 and dropped one place to the 18th spot among the world’s top commercial services exporters. Globally, SMEs represent 95% of all firms, and they account for approximately 50% of GDP and around 60% of employment (World Trade Organization, 2016). However, exports to non-U.S. destinations grew even faster, up 9.8% (or $14 billion) to $153 billion. Lower trade barriers through FTAs - FTAs can reduce tariffs, quotas and non-tariff barriers. Invest in Manitoba today. producers and exporters. Finally, advances in fintechFootnote 39 facilitate cross-border payments, making them cheaper and more secure. While geographic and product diversification hedge against risk and encourages access to fast-growing markets, ownership diversification has the benefit of spreading the gains of exporting throughout Canada, to all Canadians. From a reduction in time and costs perspective, digital technologies have improved transportation and logistics, effectively shortening distances. By destination, goods exports to the United States climbed 5.4% to $433 billion in 2018. As such, there may be a number of domestic policies that could address barriers to exporting for women-owned SMEs. In France, street protests against rising fuel prices and high costs of living disrupted retail sales and consumption growth, and France’s economic growth slipped to 1.5% in 2018 from 2.2% in 2017. On the import side, travel imports rose 5.1% to $43 billion, with imports of both business and personal travel growing at roughly the same rate. For example, if Canada only traded with one country, the share of exports heading to that country would be 1 and the index would equal 1.0. The Internet is increasingly being used as a cross-border delivery method for digital goods and services. COVID-19: Latest update December 1, 2020. By sector, unlike in the previous year, Canadian investors diverted investment from every sector to energy and mining, and manufacturing, adding $13 billion and $10 billion, respectively. After a period of broad-based and synchronized growth that lasted throughout 2017 and into early 2018, the global economy started to ease up. The Canadian government has made trade diversification a goal, with the target of increasing overseas exports by 50% by 2025. In comparison, 12% of men-owned SMEs exported and 11% of equally-owned (by both men and women) SMEs participated in exporting in 2017. Source: Statistics Canada, Table 14-10-0064-01 and Table 14-10-0023-01; retrieved on 24-06-2019. As a result, the share of CDIA to the United States accounted for only 51% of overall CDIA outflows in 2018, down from nearly 80% the previous year. Accessing new and fast-growing markets also provides a feedback effect of further diversifying Canadian exports; OCE research shows that entering fast-growing markets earlier gives an additional positive boost to exports in those markets. Footnote 49 The author further writes “Indigenous SMEs, based on these results, demonstrate a strong ability to access broader markets compared to non-Indigenous Canadian SMEs. The terms of trade are a measure of the amount of imports that each export can purchase and is calculated by dividing the price of exports by the price of imports and multiplying the result by 100. International trade in goods is reported on a balance of payments basis. Global Affairs Canada is actively engaged in promoting CETA, CKFTA and Canada’s other free trade agreements to make sure Canadian exporters are aware of their benefits, and how their products and services would be treated under these agreements. As of writing, no comprehensive analysis of the benefits from the CPTPP had yet been undertaken by the Office of the Chief Economist. Accordingly, it is reasonable to look at digital trade as a useful tool for diversification and increasing overseas exports. CDIA in finance and insurance led all sectors, up $53 billion (or 13%) to $471 billion, with half of the increase in the United States. However, there was a large disparity between growth in advanced economies, which posted an average rate of 3.7% over this period, and emerging market and developing economies,Footnote 35 which grew at a much faster rate of 9.1%. Data: Statistics Canada, Survey on Financing and Growth of Small and Medium Enterprises, 2011, 2014, 2017. Due to rounding, numbers do not add up to 100%. That dollar amount reflects a 9.2% increase since 2015 but a -0.9% dip from 2018 to 2019. Includes NAICS codes 3341 to 3344, 4173, 5112, 5171, 5172, 5174, 5179, 5182, 5415 and 8112. Other sectors that saw significant growth in their CDIA stock were management of companies and enterprises (+11%), mining and oil and gas extraction (+5.4%), and manufacturing (+11%). Therefore, encouraging firms to explore overseas markets might require them to first test the waters of the closer and more familiar U.S. market. Source: Statistics Canada, Table 36-10-0009-01; retrieved on 24-06-2019. Merchandise Trade statistics data for Canada (CAN) including exports and imports, applied tariffs, top exporting and importing countries, effectively applied and MFN tariff along with most exported and imported product groups, along with development indicators such as GDP, GNI per capita, trade balance and trade as percentage of GDP for Most Recent Year. Overview: In August 2020 Canada's Delivery Trucks exports accounted up to C$299M and imports accounted up to C$3.21B, resulting in a negative trade balance of C$2.91B. the risk of a negative shock to a specific or small subset of exported products. “Canada’s Merchandise Trade Performance with the EU under CETA.” Global Affairs Canada (2018). Canada is a trading nation: in 2018, Canadian exports and imports of goods and services totalled $1.5 trillion, placing the share of trade in the economy at 66%. Defined by the United Nations Conference on Trade and Development (UNCTAD) and Statistics Canada as “services that have the possibility to be delivered remotely over ICT networks, but that could also be delivered otherwise.”. The survey lists the United States, Europe, the United Kingdom, Asia, India, Mexico, China, Latin America, Japan and Brazil as export destinations. In this section, trade value is referred to instead of trade volume. Declines in automobile sales, along with U.S. tariff actions also weighed on the Chinese economy in 2018. The HHI increases (a rise in concentration) when the U.S. share of Canadian exports rises, and the HHI decreases, becoming more diverse when the U.S. share declines. Commercial reproduction and distribution are prohibited except with written permission from Global Affairs Canada. Imports. Measuring Canadian Export Diversification. The Government of Canada can also help reduce trade frictions (costs) by, for example, negotiating tariff reductions and harmonizing standards in trade agreements, providing exporters with market intelligence, or offering export insurance. ———. Deceleration was widespread, even in countries like China and India. “World Trade Report 2016: Levelling the Trading Field for SMEs.” World Trade Organization (2016). Looking forward, continued weakness in Western Canada’s resource sector, elevated household debt, and a backlash against trade and globalization are factors that could dampen Canadian economic, trade, and investment growth. A tight labour market, strong consumption growth, and fiscal stimulus from tax reforms supported the acceleration in economic growth. Between 2000 and 2017, Canadian overseas goods and services exports grew 4.3% per year. Michaelyshyn, Katerina, and Emily Yu. Click to share on Facebook (Opens in new window), Click to share on Twitter (Opens in new window), Click to share on LinkedIn (Opens in new window), Click to share on Reddit (Opens in new window), Click to share on WhatsApp (Opens in new window), Click to email this to a friend (Opens in new window), Phone system devices including smartphones, Heavy machinery (bulldozers, excavators, road rollers), Electrical/optical circuit boards, panels, Iron and steel screws, bolts, nuts, washers, Plastic plates, sheets, film, tape, strips, Electrical lighting/signaling equpment, defrosters, Packaged insecticides/fungicides/herbicides, Flat-rolled iron or non-alloy steel products (plated/coated), Vehicles: US$74.4 billion (16.4% of total imports), Machinery including computers: $69.2 billion (15.3%), Electrical machinery, equipment: $44.2 billion (9.7%), Mineral fuels including oil: $33.2 billion (7.3%), Plastics, plastic articles: $16.4 billion (3.6%), Optical, technical, medical apparatus: $12.6 billion (2.8%), Gems, precious metals: $10.3 billion (2.3%), Articles of iron or steel: $10.3 billion (2.3%), Furniture, bedding, lighting , signs, prefab buildings: $9.2 billion (2%), Cars: US$28.4 billion (down -5.2% from 2018), Automobile parts/accessories: $19.8 billion (down -1.8%), Armored vehicles, tanks: $1 billion (up 32.1%), Special purpose vehicles: $947 million (up 9.8%), Public-transport vehicles: $886.7 million (down -9.2%), Bicycles, other non-motorized cycles: $252.3 million (up 4.6%), Computers, optical readers: US$9.4 billion (up 1.1% from 2018), Taps, valves, similar appliances: $3.6 billion (down -2.5%), Transmission shafts, gears, clutches: $3 billion (down -5%), Heavy machinery (bulldozers, excavators, road rollers): $3 billion (down -17.7%), Liquid pumps and elevators: $2.7 billion (up 0.6%), Centrifuges, filters and purifiers: $2.6 billion (up 1.9%), Piston engine parts: $2.2 billion (up 1%), Phone system devices including smartphones: US$10.8 billion (down -2.7% from 2018), Insulated wire/cable: $3.5 billion (down -1.4%), TV receivers/monitors/projectors: $2.2 billion (down -1.2%), Electrical converters/power units: $2 billion (up 5%), Integrated circuits/microassemblies: $1.9 billion (down -11.8%), Lower-voltage switches, fuses: $1.9 billion (down -2%), Electrical/optical circuit boards, panels: $1.8 billion (down -0.1%), Electric motors, generators: $1.5 billion (up 12%), TV receiver/transmit/digital cameras: $1.5 billion (down -1.9%), Electric water heaters, hair dryers: $1.5 billion (up 0.7%), Crude oil: US$14.3 billion (down -4.6% from 2018), Processed petroleum oils: $14.2 billion (down -16.1%), Petroleum gases: $2.6 billion (down -4.1%), Coal, solid fuels made from coal: $747.4 million (down -5.7%), Electrical energy: $439.3 million (up 11.8%), Petroleum oil residues: $387.4 million (down -19.1%), Coke, semi-coke: $235.7 million (up 10.6%), Petroleum jelly, mineral waxes: $171.3 million (down -8.5%), Coal tar oils (high temperature distillation): $112.7 million (up 2.8%), Natural bitumen, asphalt, shale: $75.4 million (down -14.6%). These dimensions of diversification were shown to be important in hedging risk, allowing access to faster growing markets and helping better distribute the gains of trade. GDP dataFootnote 34 indicates that world output expanded at an average annual rate of 5.2% between 2000 and 2018. They also allow for optimizing storage and distribution networks. Source: Statistics Canada, Table 18-10-0005-01; retrieved on 21-06-2019. Focusing on the same 12-month period, products exported from Canada to the EU with a greater than 5 percentage point (pp) tariff rate decline were up by 25% compared to products exported without any tariff reduction, which fell 4.3%. When the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) came into force at the end of last year, Canada became the only G7 country with free trade links to all of the other partners. 2 CWRS (Atlantic) No. Figure 11 presents the projected top 40 cities of importance to Canada in 2030. Canada’s goods imports rose 5.8% to $607 billion in 2018, with increases in all sectors, led by metal ores and minerals, energy products, and aircraft and other transportation equipment. Canada shipped US$446.5 billion worth of goods around the globe in 2019, up by 9.2% since 2015 but down by -0.9% from 2018 to 2019. Canadian imports and exports videos and latest news articles; GlobalNews.ca your source for the latest news on Canadian imports and exports . Rostami (2018) identifies three types of services exports: ICT services, potentially ICT-enabled services, and not potentially ICT-enabled services.Footnote 40 The first category includes telecommunication services, computer services and charges for the use of intellectual property related to computer software.
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