Canada import trade development

Canada import trade development

Canada is the 10th largest exporter and 12th largest importer in the world. Its trading volume ranks top tenth as per capita trade volume is highest in the world. Foreign trade in the country occupies an important position in Canada. Nowadays export and import trading becomes the lifeline and engine of country’s economic development, especially the import trade.

From the perspective of importing history, there are two basic policy characteristics in Canada:

1.Free trade policy and trade protection policy

2.Affected by trade policies in other countries, especially the United States and the United Kingdom

Canada was once the largest trade object of Britain and became a member of the Commonwealth. It have been enjoying preferential tariffs since long time. After signed the” North American Free Trade Agreement “in 1994, with the United States, Canada increasing importing from USA, besides, as they have similar geography, transportation, language and spending habits, therefore, trading between two countries booms. Today, with the development of world’s multi-polarization, Canada have gradually increased imports goods from Japan, the European Union, China and other countries trade. In short, Canada maintains trade relations with the world economic development center countries for a long term.

As a developed country, Canada have small population compared to other country. Its labor force is relatively small and the commodity structure is similar to that of the developing countries. However, its resources are abundant, which supply enough resources to meet domestic need for itself. Meanwhile, Canada’s main import commodities as Industrial products, transport equipment, industrial products. Mostly importantly they focus on the service imports recently, which accounted for the proportion of total foreign trade gradually increased. According to the data in 2010, for example, total value of imports in 2010: US$406.4 billion. Primary imports – commodities: machinery and equipment, motor vehicles and parts, crude oil, chemicals, electricity, durable consumer goods. Primary imports partners: US (51.1 percent), China (10.88 percent), Mexico (4.56 percent). In general, Canada foreign trade in the overall trend of healthy and healthy development.

Leave a comment

Your email address will not be published. Required fields are marked *