Canada is the largest country in North America and the second biggest in the world after Russia. It is administratively divided into ten provinces and three territories. Canada is one of the world's wealthiest countries and a high-tech industrial society with a very high living standard. In 2021, Canada's GDP per capita reached almost 43.1 thousand U.S. dollars, one of the highest globally, despite the contraction of 5.162 percent due to the covid-19 pandemic. The average inflation rate for the same year was 3.40 percent, and recently, in Q2 2022 rose to 7.70 percent due to the current global economic crisis.
Nicknamed the Great White North, Canada exported a total US$446.5 billion worth of products around the globe in 2019. That dollar amount reflects a 9.2% increase since 2015 but a -0.9% dip from 2018 to 2019.Based on the average exchange rate for 2019, the Canadian dollar has depreciated by -3.8% against the US dollar since 2015 and retreated by -2.4% from 2018 to 2019. Canada’s weaker local currency make Canadian exports paid for in stronger US dollars relatively less expensive for international buyers. The latest available country-specific data shows that 91.6% of products exported from Canada were bought by importers in: United States (75.4% of the global total), China (3.9%), United Kingdom (3.3%), Japan (2.1%), Mexico (1.2%), Germany (1.1%), South Korea (0.9%), Netherlands (0.9%), India (0.8%), Hong Kong (0.7%), France (0.6%) and Italy (0.5%). From a continental perspective, 76.7% of Canada exports by value were delivered to North American countries while 11.7% were sold to Asian importers. Canada shipped another 8.9% worth of goods to Europe. Smaller percentages went to Latin America excluding Mexico but including the Caribbean (1.3%), Africa (0.9%) then Oceania led by Australia and New Zealand (0.5%). Given Canada’s population of 37.5 million people, its total $446.5 billion in 2019 exports translates to roughly $11,900 for every resident.
The following product groups represent the highest dollar value in Canada’s import purchases during 2019. Also shown is the percentage share each product category represents in terms of overall imports into Canada.
Vehicles: US$74.4 billion (16.4%);
Machinery including computers: $69.2 billion (15.3%);
Electrical machinery, equipment: $44.2 billion (9.7%);
Mineral fuels including oil: $33.2 billion (7.3%);
Plastics, plastic articles: $16.4 billion (3.6%);
Pharmaceuticals: $13.9 billion (3.1%);
Optical, technical, medical apparatus: $12.6 billion (2.8%);
Gems, precious metals: $10.3 billion (2.3%);
Articles of iron or steel: $10.3 billion (2.3%);
Furniture, bedding, lighting , signs, prefab buildings: $9.2 billion (2%);
Canada’s top 10 imports accounted for almost two-thirds (64.8%) of the overall value of its product purchases from other countries.
The following export product groups categorize the highest dollar value in Canadian global shipments during 2019. Also shown is the percentage share each export category represents in terms of overall exports from Canada.
Mineral fuels including oil: US$98.4 billion (22% of total exports)
Vehicles: $61.4 billion (13.8%)
Machinery including computers: $34.8 billion (7.8%)
Gems, precious metals: $21.3 billion (4.8%)
Electrical machinery, equipment: $13.5 billion (3%)
Plastics, plastic articles: $12.7 billion (2.8%)
Wood: $11.7 billion (2.6%)
Aircraft, spacecraft: $11.3 billion (2.5%)
Ores, slag, ash: $8.9 billion (2%)
Pharmaceuticals: $8.4 billion (1.9%)
Canada’s top 10 exports approach two-thirds (63.2%) of the overall value of Canadian global shipments.Led by gold the gems and precious metals category represents the fastest grower among the top 10 export categories thanks to its 16.2% increase since 2018. In second place for improving export sales was ores, slag and ash gained 12.7% led by iron ores and concentrates. Canada’s shipments of pharmaceuticals posted the third-fastest gain in value via its 7.4% improvement.
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