<aside> 🇺🇸 Canada - US Trade
</aside>
<aside> 🌎 Canada - US Country Relations
</aside>
<aside> 🇪🇺 Canada - EU Trade
</aside>
<aside> 🌎 Canada - EU Country Relations
</aside>
This page will be exploring the current trade statistics between Canada and the United States as well as showing the impacts on Canadian import and export during the Covid-19 Pandemic.
As of 2019, Canada has exported a total of $319.4 billion, becoming the 3rd largest supplier of goods to the United States. The top exported products in 2019 to the United States have been mineral fuels ($84 billion), vehicles ($53 billion), and agricultural ($24 billion). Canada also imported an estimated total of $292.7 billion from the United States, becoming the largest import market in 2019. It is clear that NAFTA and CUSMA have played a major role in fostering greater economic cooperation, as 2019 report on Canada's exports ($319.4 billion) is an 187% jump than what it was in 1993!
Canadas' economic growth as compared to the world.
A major contention during Trump's presidency revolved around the trade deficit between the U.S. and Canada. Trump claimed that there existed a significant trade deficit (U.S. importing more to Canada than export), which the Office of the United States Trade Representative refuted to be $26.8 billion in 2019. Canada has since fired back that this has not always been the case, the U.S. had a trade surplus in 2016 of $12.5 billion; Canada has cited that it is important to hold other sectors into account, such as services and energy. Upon exclusion, Canada would have experienced an estimated $78 billion trade deficit with the United States.
In 2019, Canada was the largest importer of U.S. goods, with a total import of $292.7 billion. The main categories Canadians imported were from an estimated $70 billion in machinery, $52 billion in vehicles, and $25 billion in mineral fuels. While Canada is the U.S. third largest supplier of agricultural goods, Canada imported a total of $24 billion in U.S. agricultural products, becoming the largest agricultural import market for the the U.S. in 2019.
The Covid-19 pandemic had significant impacts on Canada's trade with the U.S. according to a report published by Government of Canada; Canadian goods trade decreased by 3.5% in the first quarter of 2020 as compared to the same period in 2019. Exports fell by 1.2% and imports decreased by 5.7%. The automotive, machinery, and electronic industries were most impacted as Covid-19 lead to factory shutdowns (supply-chain disruption), lower purchasing power from consumer, and a period of low consumer confidence.
A chart of Canada's import from the U.S. from 1995 to 2020.
Canada's exports to the U.S. came to an estimated total of $319.4 billion, a 0.3% ($906 million) increase from 2018. Compared to 1993 (pre-NAFTA), this is a 187% jump! The main categories that Canada imported from the U.S. have been a $86 billion in mineral fuels, $53 billion in vehicles and $23 billion in machineries. Canada's agricultural exports were also estimated to be $24 billion, becoming the second largest supplier of agricultural goods to the U.S.
Surprisingly, Canada's export to the U.S. increased by 0.7% to a total of $106 billion during 2020's Covid-19 Pandemic. Michigan has previously been Canada's top export destination due to their automobile factories, but due to the severity of Covid-19 outbreak, trade value declined significantly by 25%. Though Illinois also suffered from high Covid-19 outbreaks, the U.S. state replaced Michigan as Canada's top export destination along with California showing an increased demand of 9.7% for Canadian goods.
A chart of Canada's export to the U.S. from 1995 to 2020.