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
|Crude Petroleum||$39.5 billion|
Canada’s Other Notable Exports
- Cars – $48.8 billion
- Vehicle Parts – $10.6 billion
- Sawn Wood – $7.74 billion
- Gas Turbines – $5.21 billion
- 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
|Refined Petroleum||$11.1 billion|
Canada’s Other Notable Imports
- Cars – $26.4 billion
- Vehicle Parts – $20.4 billion
- Computers – $8.76 billion
- Packaged Medicaments $- 7.23 billion
- Seats – $3.53 billion
More Information on Canada’s Commodities
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.
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.
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.
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%).
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.
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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