Canada Trade, Trade With Canada, Trade In Canada, Canadian Trade

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Opening up its markets in the year 2000 proved to be a wise decision for Canada. Canada trade improved, so did its international trade governance. It also enabled Canada to forge free trade agreements with several countries, such as Japan and countries that are a part of the European Free Trade Association (EFTA).

Canada Trade: Market Share

The Canadian economy is highly dependent on international trade. A 2006 report published by the Organization for Economic Co-operation and Development (OECD) stated that Canada’s aerospace industry has the potential to generate trade surplus consistently. It is the third largest exporter among the OECD countries, after France and the US.

The US is Canada’s largest trading associate. In 2007, Canadian trade with the US accounted for 78% of Canada’s exports and 54% of its imports. Other key trading partners of Canada are:

  • UK
  • China
  • Mexico

Canada Trade: Exports

A country’s abundant resource is not its sure ticket to thriving exports but Canadian trade has done well by utilizing its natural resources in the best possible way. The country’s main exports are:

  • Zinc
  • Sugar
  • Copper
  • Nickel
  • Lobsters, shrimps, snow crabs, scallops and farmed Atlantic salmons
  • Petrol and petroleum products
  • Energy
  • Wheat and grain

Some important facts about Canadian exports are:

  • All consignments must be declared otherwise a fine is imposed. Exporters can directly submit their export declaration to the Canadian government through Canadian Automated Export Declaration (CAED).
  • Goods, such as agricultural products, missiles and biological goods, which are categorized in the export control list, require a permit before they are exported.
  • Export restrictions are placed on properties of cultural or historical importance.
  • Export of narcotics and controlled drugs are regulated by Health Canada.

Canada Trade: Imports

Canada imports items such as electronics, clothing toys, furnishings, crude petroleum plastics and automobiles and its parts.

Here are some Canadian import permit regulations:

  • Imported items cannot be released by the customs until the importer pays the tariff due on the goods.
  • Permit is required for importing items, such as fresh, chilled or frozen beef and veal, from countries that are not part of the North American Free Trade Agreement (NAFTA).
  • Dangerous or potentially dangerous products are not allowed.

Canada Trade: Important Ports

Ports are critical to Canadian trade. The country’s important ports are:

  • Port Arthur
  • Montréal
  • Baie Comeau
  • Chandler

Canada is ranked as the world’s eighth largest economy. Its abundance of natural resources benefited its exports, particularly to the US. Canada trade is dominated by the service sector but its primary industries also play an important role in trade.

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