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Top 10 destinations for Canadian exports

The United States, China and the United Kingdom led the destinations for Canadian product exports in 2021.

After exporting merchandise for 285,000 million dollars in 2020, Canada increased this indicator to 378,000 million in 2021.

Last year, the United States captured 75.4% of the total products exported by Canada.

Canada is the second largest country in the world and most of its population lives within 200 kilometers of the border with the United States.

At the regional level, the Agreement between Mexico, the United States and Canada (USMCA) entered into force on July 1, 2020. The T-MEC preserves the essential commercial benefits of the North American Free Trade Agreement (NAFTA), including existing tariff commitments, and incorporates new and updated provisions that seek to address the trade problems of the 21st century.

After the United States, Canadian exports in 2021 went to China ($23 billion) and the United Kingdom ($13 billion).

Other important destinations were: Japan ($11 billion), Mexico ($7 billion), Germany ($5 billion), Republic of Korea ($5 billion), the Netherlands ($4 billion), France ($3 billion), and Belgium ($3 billion). ).

Canadian exports

The OECD expects Canada’s economic recovery to accelerate from 2022.

Now Canada has exceeded its level of GDP before the Covid-19 pandemic by 0.2% over the fourth quarter of 2019,

International supply chain disruptions have been more widespread and persistent than previously anticipated.

According to the OECD, the gradual elimination of bottlenecks will allow a greater release of pent-up domestic demand, in particular from households with significant savings accumulated during the pandemic.

Strong household consumption and rising business investment will more than offset the moderation in housing investment from the high levels seen earlier in the year.

Goods exports will expand as car and auto parts makers ramp up production, and strengthening global demand will further support growth.

From the OECD perspective, strong output growth will support higher labor demand and help reduce unemployment to pre-pandemic levels.

Inflation should ease as energy price pressures ease and supply bottlenecks are resolved through 2022.

 

Redacción Opportimes

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