Top Canadian Trade Balances

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Niagara Falls

Trucks, auto parts, smartphones and other technology commodities were major factors behind Canada’s highest product trade deficits during 2016. China and Mexico placed first and second respectively among trade partners with which Canada experienced the highest negative trade balances.

Canada’s overall trade deficit for all products equaled -US$13 billion in 2016, up by 115% from -$6.1 million for 2009. Year over year, the most recent -$13-billion shortfall represents a 25.7% increase from the -$10.3 billion deficit that Canada incurred during 2015 thanks in no small part to lower crude oil prices.

Top Canadian Trade Balances by Product and Country

Product+

The following 10 leading products generated a surplus subtotal of $91.8 billion for Canada in its global trade during 2016. Metrics listed below highlight Canada’s strongest competitive advantages over worldwide trading partners.

  1. Crude oil: US$28.5 billion (Up 49.3% since 2009)
  2. Cars: $22.3 billion (Up 255.3%)
  3. Sawn wood: $7.3 billion (Up 135.6%)
  4. Gold (unwrought): $6.9 billion (Up 103%)
  5. Petroleum gases: $5.9 billion (Down -54.3%)
  6. Aluminum (unwrought): $4.8 billion (Up 17.6%)
  7. Wheat: $4.5 billion (Down -15.6%)
  8. Rape/colza seeds: $4.2 billion (Up 41.7%)
  9. Chemical woodpulp (non-dissolving): $3.9 billion (Up 25.5%)
  10. Potassic fertilizers: $3.5 billion (Up 9.6%)

The leading gainers for Canada’s product surpluses from 2009 to 2016 were exported cars (up 255.3%), sawn wood (up 135.6%) and unwrought gold (up 103%).

Positive trade balances for two products were whittled down: petroleum gases dropped -54.3% and wheat decreased -15.6% over the 7-year period.

Product-

The 10 major products below accumulated a deficit subtotal of -$50.2 billion for Canada in international trade during 2016. Canada has demonstrated the severest competitive disadvantages in the exports and imports of the following commodities.

  1. Trucks: -US$11 billion (Up 79.1% since 2009)
  2. Automobile parts/accessories: -$10 billion (Up 42%)
  3. Phone system devices including smartphones: -$7 billion (Up 207.4%)
  4. Computers, optical readers: -$6.5 billion (Up 34.5%)
  5. Processed petroleum oils: -$2.9 billion (Down -168.5%)
  6. Blood fractions (including antisera): -$2.8 billion (Up 309.5%)
  7. Insulated wire/cable: -$2.7 billion (Up 67.9%)
  8. Miscellaneous machinery: -$2.5 billion (Up 1,510%)
  9. Transmission shafts, gears, clutches: -$2.4 billion (Up 269.5%)
  10. Tractors: -$2.4 billion (Up 116%)

Canada’s red ink in global trade expanded at the fastest rate for the following products: miscellaneous machinery (up 1,510%), blood fractions including antisera (up 309.5%) and transmission shafts, gears and clutches (up 94.5%).

Only one leading product posted a deficit decline over the 7-year period, namely processed petroleum oils with a -168.5% reduction.

Country+

In 2016, Canada generated a surplus subtotal worth $99.2 billion with the following 10 trading partners.

  1. United States: US$87.3 billion (Up 20.9% since 2009)
  2. United Kingdom: $6.7 billion (Up 187.4%)
  3. Hong Kong: $1.5 billion (Up 54.1%)
  4. United Arab Emirates: $1.3 billion (Up 28.8%)
  5. Belgium: $614.4 million (Up 56.2%)
  6. Pakistan: $537 million (Up 268.6%)
  7. Malta: $516 million (Up 2,469%)
  8. Botswana: $273.7 million (Up -1,388%)
  9. Singapore: $270.4 million (Up -579.9%)
  10. Venezuela: $180.2 million (Down -165.7%)

Canadian trade surplus with Malta (up 2,469%) grew at the most torrid pace, followed by trade surpluses with Pakistan (up 268.6%), United Kingdom (up 187.4%) and Belgium (up 56.2%).

Among the top 10 surplus countries, Canada’s positive net exports declined with three trade partners: Botswana (down -1,388%), Singapore (down -579.9%) and Venezuela (down -165.7%).

Country-

Canada experienced a losing international trade relationship with over 100 countries and territories. The following 10 trade partners created a -$84.8 billion deficit subtotal in 2016 from Canada’s exchange of exports and imports.

  1. China: -US$32.8 billion (Up 30.7% since 2009)
  2. Mexico: -$19.3 billion (Up 86.9%)
  3. Germany: -$10 billion (Up 59%)
  4. South Korea: -$4.7 billion (Up 123.9%)
  5. Italy: -$3.9 billion (Up 67.9%)
  6. Japan: -$3.8 billion (Up 8%)
  7. Vietnam: -$3.3 billion (Up 356.7%)
  8. Taiwan: -$2.6 billion (Up 33.3%)
  9. Switzerland: -$2.4 billion (Up 22.2%)
  10. France: -$1.9 billion (Down -25.6%)

Up 356.7%, Canada’s trade deficit with Vietnam grew the fastest from 2009 to 2016. Canada’s negative net exports with South Korea expanded by 123.9% followed by an 86.9% increase for the Canadian shortfall trading with Mexico.

Canada shrank the size of its negative trade balances with France via a -25.6% reduction.




 
See also Canada’s Top 10 Major Export Companies and Canada’s Top 10 Exports

Research Sources:
Trade Map, International Trade Centre. Accessed on February 11, 2017

Investopedia, Net Exports Definition. Accessed on November 11, 2016

The World Factbook, Field Listing: World, Central Intelligence Agency. Accessed on February 11, 2017

Wikipedia, Economy of Canada. Accessed on November 11, 2016