Canada Imports & Exports: Did You Know This About Its Wheat Exports?

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Source: WikiMedia Commons

Economy of Canada – Overview

Canada is the 12th largest export economy in the world but it currently has a negative trade balance of $11.3 billion when you deduct its annual import total of $399 billion from its export total of $387 billion.

Canada’s GDP is $1.3 trillion, which equates to a GDP per capita figure of $44,000.

Export numbers have decreased over the last five years at an annualized rate of 4.8%, falling from $435 billion to $387 billion in the latest year of that period.

Canada’s Top 5 Commodity Exports

CommodityAmount (Annually)
Crude Petroleum $39.5 billion
Gold $12.5 billion
Wheat $4.5 billion
Aluminum $5.04 billion
Rapeseed $4.28 billion

Canada’s Other Notable Exports

  1. Cars – $48.8 billion
  2. Vehicle Parts – $10.6 billion
  3. Sawn Wood – $7.74 billion
  4. Gas Turbines – $5.21 billion
  5. Iron Ore – $2.8 billion

The United States is the top export destination of Canada with $296 billion of its annual exports, followed by China at $15.8 billion and the United Kingdom at $12.9 billion.

Canada’s Top 5 Commodity Imports

CommodityAmount (Annually)
Refined Petroleum $11.1 billion
Gold $5.6 billion
Coffee $1.19 billion
Silver$1.27 billion
Aluminum $1.41 billion

Canada’s Other Notable Imports

  1. Cars – $26.4 billion
  2. Vehicle Parts – $20.4 billion
  3. Computers – $8.76 billion
  4. Packaged Medicaments $- 7.23 billion
  5. Seats – $3.53 billion

More Information on Canada’s Commodities

Crude Petroleum

Canada is the fourth largest exporter in the world with a 5.8% share of an annual global export market worth $678 billion.

The global value of shipments has fallen by 59.4% over a five year period, although Canada is not one of the countries that has posted the sharpest decline in export volumes.

The United States takes 98% of all Canada’s refined petroleum exports.

Gold

Canada ranks 7th in the global league table of gold exporting countries and controls 3.8% of the market.

The United Kingdom is the biggest importer of Canadian gold and takes 68% of the annual total, followed by the United States who account for 25% of Canada’s yearly gold export total.

Ontario is the largest gold-producing region in Canada.

Wheat

Canada is the 2nd largest wheat exporting country in the world with a 12.4% market share, and competes with the United States (14.8%) and Russia (11.6%) for pole position.

Canada has improved its market share in the last five years as the United States’ wheat exports declined by 34.4% during that period.

Aluminum

Canada has a 2% share of the annual global aluminum export market which is worth $56.4 billion.

The United States is a major importer of Canadian aluminum, taking 85% of its total annual exports of this product.

China dominates global aluminium production with a 54% share of global primary output, a similar figure to its control of steel production (51.5%).

Rapeseed

Canada is the leading exporter of rapeseed with a 48% share of the annual market. Their closest rival is Australia, which exports 10% of the yearly total.

China takes 34% of Canada’s rapeseed exports, with Japan, Mexico and Pakistan being other notable export destinations.

Did you know? Canada is the 2nd largest exporter of radioactive chemicals, just behind the market-leaders, Kazakhstan.

A Few Interesting Facts About Canada

  • Canada is officially the most educated country in the world with half of its residents having college degrees.
  • The country has more lakes than the rest of the world combined.
  • There are fewer people in the whole of Canada than in Tokyo’s metropolitan area.

All figures based on OEC/IMF 2016 projections unless otherwise stated.

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