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Canada’s canola exports to Mexico hit a record high

Canada‘s canola (rape or colza seeds) exports to Mexico grew at a year-on-year rate of 22.2% from January to April 2022, to US$301.6 million.

Canada ranks as the largest exporter of this product and Mexico is the third largest destination for these Canadian international sales.

Originally, canola was a forage plant. Then, in the 1950s, forage canola was transformed into oilseed rape in China. In the 1970s and 1980s, its technological characteristics were changed in Canada and it was given the name Canola (Canadian Oil Low Acid).

Canola

Now, this product is in second place as the world’s second most cultivated oilseed plant.

In 2021, Canada’s canola exports were $5.107 billion, with China as the main destination ($1.397 billion), followed by Japan ($1.315 billion) and Mexico ($889 million, a record), according to Statistics Canada data.

Foreign trade

China and Mexico were important drivers of export growth in 2021, according to Global Affairs Canada.

After an unprecedented drop in 2019 due to various trade disputes, Canada’s goods exports to China improved for two consecutive years, despite the effects of the pandemic.

In 2021, goods exports to the Chinese market advanced 10.2% (or $2.7 billion) to reach C$28.6 billion in value, supported mainly by increased metallurgical coal exports.

Also Global Affairs Canada indicated that goods exports to Mexico recorded the third-fastest growth rate of all of Canada’s major export destinations, advancing 32.7% in 2021 to C$8.9 billion in value.

This significant growth was driven primarily by intermediate agricultural, fishery and food products. Over the same period, imports of goods from China advanced 15.5 percent with gains across the board in many sectors, and imports of goods from Mexico increased 15.4 percent.

Overall, Canada’s goods exports experienced strong growth to most of its major trading partners in 2021.

Goods exports to the United States rose by nearly C$101 billion or 26.9 percent, accounting for nearly 90 percent of full-year export value growth.

This growth was largely driven by increased exports of energy products, such as crude oil.

 

Redacción Opportimes

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