Canada

February 19, 2019 Keir Magoulas

About
Canada is the second largest country in the world in terms of land area (1). Canada and United States share the longest unguarded border in the world, 5,526 miles (includes 1,539 miles with Alaska) (1;2).

The 1994 North American Free Trade Agreement (NAFTA) (which includes Mexico) touched off a dramatic increase in trade and economic integration with the US, its principal trading partner. Canada enjoys a substantial trade surplus with the US, which absorbs about three-fourths of Canadian merchandise exports each year (1).

Canada’s natural resources include petroleum, coal, iron ore, potash, timber, nickel, fish, copper, zinc, lead, molybdenum, silver, and diamonds. Its economy is structured as followed (in % of GDP): services 70.2%, industry 28.1% and agriculture 1.7% (2017) (9;10).

Canada’s agriculture products include apples, beef, blueberries, canola oil, corn, dairy products, and DNA bar coding (11). Its industries include transportation equipment, chemicals, processed and unprocessed minerals, food products, wood and paper products, fish products, petroleum and natural gas (1).

Canada’s top exports commodities include mineral fuels including oils, vehicles, machinery including computers, gems, precious metals, wood, plastics, plastic articles, electrical machinery, equipment, aircraft, spacecraft, aluminum, paper, paper items (12). Its top imports commodities include vehicles, machinery including computers, electrical machinery, equipment, mineral fuels including oil, plastics, plastic articles, optical, technical, medical apparatus, articles of iron or steel, furniture, bedding, lighting, signs, prefab buildings, gems, and precious metals (13).

Canada’s mains ports and terminals are Halifax, Saint John, Vancouver, Montreal, Quebec City, Sept-Isles, Fraser River Port and Hamilton (3).

Trade Statistics
Canada is the United States' second largest goods trading partner with $52.0 billion in total goods trade during 2019. Florida’s top exports to Canada: Mineral, Chemical Fertilizers, Civilian Aircraft, Engines, Instruments and Apparatus for Physical or Chemical Analysis, Direction Finding Compasses, Gold, Unwrought, Semi manufactured Yachts and Other Vessels. Florida’s top imports from Canada: Oil (Not Crude) from Petrol and Bitum Mineral, Aircraft, Powered; Spacecraft and Launch Vehicles, Turbojets, Turbo propellers and others Gas Turbines, Waste and Scrap of Precious Metals / Scrap (5).

On January 1, 1994, the North American Free Trade Agreement between the United States, Canada, and Mexico (NAFTA) entered into force. All remaining duties and quantitative restrictions were eliminated, as scheduled, on January 1, 2008. NAFTA created the world's largest free trade area, which now links 450 million people producing $17 trillion worth of goods and services (6).

Trade Numbers

United States’ goods and private services trade with Canada in 2018: $714.1 billion (14).
United States’ goods and services import from Canada in 2018: $353.6 billion (14).
United States’ goods and services export to Canada in 2018: $360.5 billion (14).
U.S. goods imports from Canada totaled $318.5 billion in 2018, up 6.4% ($19.2 billion) from 2017 (14).
United States’ goods exports to Canada in 2018 were $298.7 billion, up 5.8% ($16.5 billion) from 2017 (14).

Export Companies
Canada owns 60 companies in Tampa Bay (8)

References