Import Export Canada Facts and Regulations
Most people probably don’t think of Import Export Canada as a major player in international trade, but exports make up about 45% of the country’s Gross Domestic Product (GDP). Canada also imports a wide variety of products, though until recently it was a net exporter of goods.
Import Export Canada Information
Canada is one of the few developed nations in the world that is a net exporter of energy, including electricity, natural gas, and crude oil. The country exports other raw materials like wood pulp, timber, aluminum, wheat, grains, and other agricultural products. It also exports manufactured goods, including telecommunications equipment, industrial machinery, aircraft, motor vehicles, and motor vehicle parts, which together make up close to 20% of all exports. Plastics, fertilizers, and chemicals are also important products.
The majority of Canadian imports consist of manufactured goods. The most common include machinery, sound recording and playing devices, televisions, DVD players, and other video equipment, which make up some 23% of all imports. Automobiles, trucks, boats, and other vehicles and parts make up the next-largest segment of the imports (16%), after which come mineral imports, chemical and allied products, and base metals and products made out of base metals.
The Import Export Canada and United States Relationship
The United States and Canada have a very close relationship in terms of international trade. Each is the others major import and export partner, though the US plays a far greater role in Canada’s economy than the other way around. 16.1% of the US”s imports come from Canada and about 20% of its exports go to Canada, while 70% of Canada’s exports go to the US and 50% of its imports come from the US. The intertwining of the two economies is facilitated by the North American Free Trade Agreement (NAFTA), which also includes Mexico.
Import Export Canada Market
Though the import export Canada market is dominated by the United States, it does have other major trading partners scattered throughout the world. China (9.8%), Mexico (4.1%), Japan (3.5%), and the United Kingdom and Germany (each 2.9%) are the other major sources of goods imported into Canada. The United Kingdom (2.7%), Japan (2.3%), China (2.2%), and Mexico (1.2%) are the major receivers of Canadian export goods. Clearly, the market with the United States is the one to consider most carefully when getting involved in import export Canada.
Rules and Regulations
Canada does put a variety of restrictions and taxes on certain goods imported into the country. Licenses or other restrictions control the import of textiles, clothing, firearms, steel, and agricultural products. There are a variety of products subject to export controls. These include textiles and clothing, logs, softwood lumber, sugar and sugar-containing products, and peanut butter. There are also controls on military and strategic goods and technology and firearms. Other regulations and controls may apply, so make sure you research this area.
The import export Canada market, while dominated by imports from and exports to the United States, is an exciting one full of possibilities. Make sure you consider Canada as a source or destination for your import export goods!
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