According to the latest data released by Statistics Canada, from April to August this year, Canada’s exports to China increased by 23% year-on-year.
According to Canadian media reports, in the context of increasing world trade tensions, Canada has been actively seeking foreign trade diversification in the past year and vigorously promoting exports to China. Since April this year, Canada’s export growth to China has been significantly faster than that of its largest trading partner, the United States, mainly the export of agricultural products and seafood to China. Among them, the export of refined rapeseed oil to China in August. The amount increased by 930% year-on-year, the export of boneless beef increased by 220% year-on-year, and the export volume of lobster increased by 87%.
According to reports, some of Canada’s products were initially exported to the United States, but since the United States has continued to adopt protectionist measures this year, it has provoked trade frictions with trading partners, and the main export markets of these Canadian goods have turned to China.
The Canadian Think Tank Public Policy Forum recently released a report saying that to expand exports in the future, Canada needs to actively implement a trade diversification strategy continue to search for new markets.
In recent years, Sino-Canadian trade has continued to grow. The bilateral trade volume in 2017 reached US$72.77 billion. In the first eight months of 2018, it was US$49.87 billion, of which China’s imports from Canada increased by 8.6% to US$12.65 billion.
The Canadian business community generally believes that China-Canada relations are broad-based and have strong economic complementarities and are natural partners. In an interview with Xinhua News Agency, President of the Canada-China Trade Council recently said that Canada must consider how to strengthen economic and trade cooperation with China, both now and in the future.