Top Canadian Trade Balances

Niagara Falls Canada

Niagara Falls

Trucks, auto parts, smartphones and other technology commodities were major factors behind Canada’s highest product trade deficits during 2015. 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$10.3 billion in 2015, up sharply from -$149.5 million for 2011. Year over year, the -$10.3-billion shortfall represents a dramatic reversal from the $10.5 billion surplus that Canada earned during 2014.

Top Canadian Trade Balances by Product and Country

Product+

The following 10 leading products generated a surplus subtotal of $99.3 billion for Canada in its global trade during 2015. Metrics listed below highlight Canada’s strongest competitive advantages over worldwide trading partners.

  1. Crude oil: US$37.2 billion (down -8.6% since 2011)
  2. Cars: $18.6 billion (up 14.6%)
  3. Petroleum gases: $6.6 billion (down -43.5%)
  4. Sawn wood: $6.5 billion (up 31.3%)
  5. Wheat: $6.2 billion (up 8.3%)
  6. Gold (unwrought): $5.9 billion (down -13.5%)
  7. Potassic fertilizers: $5.3 billion (down -21.3%)
  8. Aluminum (unwrought): $4.8 billion (down -20.7%)
  9. Chemical woodpulp (non-dissolving): $4.3 billion (down -15.4%)
  10. Miscellaneous aircraft, spacecraft (e.g. helicopters, launchers): $3.9 billion (down -13%)

Only three of Canada’s product surpluses rose in value from 2011 to 2015: sawn wood (up 31.3%), cars (up 14.6%) and wheat (up 8.3%).

Positive trade balances for the other seven products were whittled down. Leading the decliners were petroleum gases (down -43.5%), potassic fertilizers (down -21.3%) and unwrought aluminum (down -20.7%). At -8.6%, Canadian trade in crude oil resulted in the smallest setback.

Product-

The 10 major products below accumulated a deficit subtotal of -$47.7 billion for Canada in international trade during 2015. Canada has demonstrated the severest competitive disadvantages in the exports and imports of the following commodities.

  1. Trucks: -US$10 billion (down -11.6% since 2011)
  2. Automobile parts/accessories: -$9 billion (down -10.6%)
  3. Phone system devices including smartphones: -$7.4 billion (up 17.3%)
  4. Computers, optical readers: -$6.6 billion (down -14.4%)
  5. Tractors: -$3.2 billion (up 3.2%)
  6. Transmission shafts, gears, clutches: -$2.7 billion (up 157.2%)
  7. Insulated wire/cable: -$2.7 billion (down -3.1%)
  8. Heavy machinery (e.g. bulldozers, excavators): -$2.4 billion (down -31.6%)
  9. Blood fractions (including antisera): -$2.4 billion (up 94.5%)
  10. Taps, valves, similar appliances: -$2.2 billion (up 10.1%)

Canada’s red ink in global trade expanded at the fastest rate for the following products: transmission shafts, gears and clutches (up 157.2%) and blood fractions including antisera (up 94.5%).

Leading trade products showing deficit declines were: Heavy machinery like bulldozers and excavators (down -31.6%), computers (down -14.4%), trucks (down -11.6%) and automobile parts and accessories (down -10.6%).

Country+

In 2015, Canada generated a surplus subtotal worth $103.1 billion with the following 10 trading partners.

  1. United States: US$90.4 billion (down -16.8% since 2011)
  2. United Kingdom $5.3 billion (down -38.1%)
  3. Hong Kong $2.8 billion (up 5.2%)
  4. United Arab Emirates $1.5 billion (up 219.1%)
  5. Belgium $740.5 million (up 1.2%)
  6. Malta $699 million (up 2,338%)
  7. Botswana $552.5 million (up 1,1651%)
  8. Singapore $424.6 million (down -155.9%)
  9. Venezuela $412.9 million (down -410.6%)
  10. India $301.8 million (up 220.6%)

Canadian trade surpluses with Botswana (up 11,651%) and Malta (up 2,338%) grew at the most torrid pace, while Canada also posted significant gains against India (up 220.6%) and United Arab Emirates (up 219.1%).

Among the top 10 surplus countries, only Canada’s positive net exports declined with the following four trade partners: United States (down -16.8%), United Kingdom (down -38.1%), Singapore (down -4.1%) and Venezuela (down -4%).

Country-

Canada experienced a losing international trade relationship with over 100 countries and territories. The following 10 trade partners created a -$87.9 billion deficit subtotal in 2015 from Canada’s exchange of exports and imports.

  1. China: -US$35.6 billion (up 12.3% since 2011)
  2. Mexico: -$19.3 billion (down -0.1%)
  3. Germany: -$10.9 billion (up 19.9%)
  4. Italy: -$4 billion (up 25.8%)
  5. Japan: -$3.9 billion (up 62.3%)
  6. Taiwan: -$3.1 billion (down -2.8%)
  7. South Korea: -$3 billion (up 97.4%)
  8. France: -$2.9 billion (up 15.1%)
  9. Vietnam: -$2.7 billion (up 166.6%)
  10. Switzerland: -$2.6 billion (up 27.9%)

Up 166.6%, Canada’s trade deficit with Vietnam grew the fastest from 2011 to 2015. Canada’s negative net exports with South Korea expanded by 97.4% followed by a 62.3% increase for the Canadian shortfall trading with Japan.

Canada shrank the size of its negative trade balances with two top partners, Taiwan (down -2.8%) and Mexico (-0.1%).




 

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

Research Sources:
Trade Map, International Trade Centre. Accessed on November 11, 2016

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

The World Factbook, Field Listing: World, Central Intelligence Agency. Accessed on November 11, 2016

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