Exports of Canadian products decreased 12.3% in 2020 compared to the previous year, to C $ 524.4 billion, Statistics Canada reported.
Conversely, Canadian imports were $ 560.5 billion, down 8.6 percent.
With this, Canada registered a deficit of 36,200 million dollars in its trade balance with the world in 2020.
By comparison, during the last great economic recession, in 2009, annual merchandise exports fell 24.6% and imports 15.7%.
Canada’s exports have always reflected the country’s large endowment of natural resources.
Although Canadian exports have diversified over time, commodities remain a significant part of their foreign sales.
The Covid-19 pandemic has caused the deepest and fastest recession globally since the Great Depression.
While many advanced economies experienced strong spikes in economic activity during the summer months, Canada’s economic outlook remains uncertain.
Globally, weak demand for crude oil exports continues to affect global oil prices and Canadian production and oil workers, while the outlook for global oil demand remains uncertain due to travel restrictions and remote work.
At the national level, the recovery has been uneven and partial, as certain sectors continue to be disproportionately affected by public health restrictions and lower demand due to Covid-19, including hotels, travel, entertainment and restaurants.
Extraordinary measures taken by the Government of Canada continue to support struggling households and businesses, providing income support and access to credit.
However, high levels of indebtedness between households and companies represent a key downside risk for the economy.
Canada is the second largest country in the world, with an area of 9,984,670 square kilometers, of which approximately 891,163 square kilometers are covered by fresh water.
Occupied agricultural land is about 7% and commercial forest land is about 30% of the total area.
The population as of July 1, 2020 was estimated at 38.0 million.
More than two-thirds of Canada’s population lives in metropolitan areas, of which Toronto, Montreal, and Vancouver are the largest.
Most of Canada’s population lives within 200 kilometers of the United States border.