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Canada's Most Important Trading Partners FAQ
Canada has many trading partners globally, but the US is its most important trading partner. The trade between Canada and the US accounts for about 70 percent that of Canada, involving large amounts of capital moving in and out of the country
By: Canada FAQ
Other important trading partners of Canada are the UK, China, Japan, Mexico, and Germany. Other trading partners of the country are South Korea, the Netherlands, Brazil, and Norway. The second largest trading partner of Canada is the EU, accounting for over 10 percent or 46 billion EURO of Canada's trade in 2010 alone. The country is the eleventh most important trade partner of the EU. The European Union and Canada have signed several important agreements, including a Wine and Spirits Agreement of 2003, a Civil Aviation Safety Agreement of 2009, a Veterinary Agreement, and others.
The country exports fishing and agricultural products, automotive products, machinery and equipment, energy products, industrial goods and materials, and more. Diamonds, vehicle parts, nickel, gold, and fertilizers are some of the fast-growing exports. The country is the largest supplier of agricultural produce in the world, and of wheat and other grains in particular. The country exports agricultural products to Europe, East Asia, and the US. Primary export partners of Canada are the US, the United Kingdom, and China.
The country imports mostly durable consumer goods, machinery and equipment, chemicals, motor vehicles and parts, and so on. Its main import partners are the US, Mexico, and China. From the US, Canada imports vegetables, fruit, machinery, and more while from Japan, it mostly imports manufactured products. Canada also imports processed metals, plastics, and chemicals from the United Kingdom, the main methods of transportation being by plain and ship. The main methods of transportation from the US are by plane, train, truck, and ship.
Japan is one of the major trading partners of Canada, both in terms of exports and imports. According to Japan's Ministry of Foreign Affairs, Canada imports machines and equipment, automobiles, and auto parts, and exports amount to 1.24 trillion yen. Japan imports from Canada canola, pork, lumber, coals, pulp, and sea foods worth 1.17 trillion yen. The trade balance between both countries is roughly equal, and they maintain good trade relations. Canada aims to expand its export of high-tech and IT-related products. However, the main imports of Japan from Canada remain agricultural products and raw materials while the main exports from Japan are manufactured products.
The economy of Canada is characterized by external dependence to some extent. Thus, the Canadian governments has focused more on improving regulations and systems related to investment and international trade, as well as on building trading relations with more partners: http://www.canadafaq.ca/
Interested in top Canadian industries? Learn more here: http://www.canadafaq.ca/
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