Overview: In 2018 Canada was the number 10 economy in the world in terms of GDP (current US$), the number 12 in total exports, the number 15 in total imports, and the number 25 most complex economy according to the Economic Complexity Index (ECI). In 2018, Canada exported $431B and imported $369B, resulting in a positive trade balance of $61.6B. In 2018, Canada's exports per capita were $11.6k and its imports per capita were $9.96k.
Overview: In April 2020 Canada exported C$50.1B and imported C$52.4B, resulting in a negative trade balance of C$2.21B. Between April 2019 and April 2020 the exports of Canada have decreased by C$-30.3B (-37.7%) from C$80.4B to C$50.1B, while imports decreased by C$-26.4B (-33.5%) from C$78.8B to C$52.4B.
Growth: In April 2020, the decrease in Canada's year-by-year exports was explained primarily by a decrease in exports to United States (C$-28.2B or -40.8%), United Kingdom (C$-584M or -34.4%), and Hong Kong (C$-316M or -73.7%), and product exports decrease in Crude Petroleum (C$-8.61B or -51.7%), Cars (C$-7.01B or -92.4%), and Vehicle Parts (C$-2.02B or -91.2%). In April 2020, the decrease in Canada's year-by-year imports was explained primarily by a decrease in imports from United States (C$-21.3B or -39.8%), Mexico (C$-1.7B or -53%), and Japan (C$-538M or -36.6%), and product imports decrease in Cars (C$-4.31B or -80.7%), Delivery Trucks (C$-3.66B or -87.8%), and Vehicle Parts (C$-2.78B or -79.6%).
MAIN DESTINATION (April 2020): United States, C$40.9B
This section shows exports and imports data at subnational level for Canada. Click any date in the line plot, any subnational region in the geomap, or any product, destination or origin country to explore the exports or imports behavior of Canada over time.
This section shows the differences between Canada's total subnational aggregate trade throughout time. To explore different subnational trade comparisons in time, visit Canada's subnational profiles.
In 2018 Canada exported a total of $431B, making it the number 12 exporter in the world. During the last five reported years the exports of Canada have changed by -$14.5B from $445B in 2013 to $431B in 2018.
In 2018 Canada imported $369B, making it the number 15 trade destination in the world. During the last five reported years the imports of Canada changed by -$77.6B from $447B in 2013 to $369B in 2018.
In 2018, Canada exported $82.9B worth of services. The top services exported by Canada in 2018 were Miscellaneous business, professional, and technical services ($22.4B), Personal travel ($19.3B), Computer and information services ($8.85B), Air transport ($6.47B), and Financial services ($5.22B).
The top services imported by Canada in 2018 were Personal travel ($29.3B), Miscellaneous business, professional, and technical services ($19.1B), Royalties and license fees ($11.8B), Sea transport ($11.2B), and Air transport ($9.81B).
This section shows forecasts for total product exports and imports for Canada. The forecast is based in a long short-term memory model or LSTM constructed using yearly trade data.
*The tariffs applied to imports for Canada are:90: Australian New Zealand Closer Economic Relations Trade Agreement (ANZCERTA)(1 January 1983)98: Canada - Chile Free Trade Agreement (5 July 1997)99: Canada - Colombia Free Trade Agreement (15 August 2011)100: Canada - Costa Rica Free Trade Agreement (1 November 2002)101: Canada - European Free Trade Association (EFTA: Switzerland,Iceland,Norway and Liechtenstein, 1 July 2009)103: Canada - Israel Free Trade Agreement (1 January 1997)104: Canada - Peru Free Trade Agreement (1 August 2009)105: Canada Generalized System of Preference106: Canada GSP for Least Developed Countries107: Canada United States Free Trade Agreement108: Caribbean Canada Trade Agreement (CARIBCAN) (Canada - Anguilla, Antigua and Barbuda, Bahamas, Bermuda, Barbados, Belize, British Virgin Islands, Cayman Islands, Dominica, Grenada, Guyana, Jamaica, Mon136: Most Favoured Nation duty rate treatement142: North American Free Trade Agreement (NAFTA)166: Preferential tariff for Australia (CANATA) Canada Australia Trade Agreement219: Preferential tariff for European Union countries (AA) Association Agreement233: Preferential tariff for Honduras247: Preferential tariff for Jordan249: Preferential tariff for Korea, Republic of270: Preferential tariff for Mexico285: Preferential tariff for Panama325: Preferential tariff for Ukraine
During the last 20 years Canada's economy has become relatively less complex, moving from the 17th to the 25th position in the ECI rank.
These economic complexity rankings use 6 digit exports classified according to the HS96 classification. We consider only countries with population of at least 1 million and exports of at least $1 billion, and products with world trade over $500 million. To explore different rankings and vary these parameters visit the custom rankings section.
This section shows exports, imports and economic complexity data at subnational level for Canada. Click any of the Province in the geomap to visit the specific subnational profile.
The top export opportunities for Canada according to the relatedness index, are Nitrogenous Fertilizers (0.29), Scrap Lead (0.29), Refined Petroleum (0.28), Raw Iron Bars (0.28), and Prepared Explosives (0.28). Relatedness measures the distance between a country's current exports and each product. The barchart show only products that Canada is not specialized in.
The product space is a network connecting products that are likely to be co-exported. The product space can be used to predict future exports, since countries are more likely to start exporting products that are related to current exports. Relatedness measures the distance between a product, and all of the products it is currently specialized in.
The Complexity-Relatedness diagram compares the risk and the strategic value of a country's potential export oppotunities.
Relatedness is a predictive of the probability that a country increases its exports in a product. Complexity, is associated with higher levels of income, economic growth, less income inequality, and lower emissions.
Canada
