Motor Vehicles, aircraft, coal, and fertilizers are some of the top exports of Canada, one of the world’s wealthiest nations. After WWII, Canada’s economy developed rapidly fueled by growing service, manufacturing, and mining sectors. The discovery of oil reserves has propelled Canada to the fifth largest producer of oil in the world. The country produces high-quality products since it is a high-tech industrial society, which competes favorably in the international market.
Economy Of Canada
The country’s fiscal year starts from April 1 to March 29 the following year. Canada’s GDP stands at $1.6 trillion to rank as the 10th by nominal GDP and 15th by Purchasing Power Parity. The GDP experienced a 0.5% growth in 2015. The nation’s GDP per capita is valued at $56,100 ranking 10th and 9th by Purchasing Power Parity. The Canadian Dollar is the currency in circulation in the country, and it ranks 22nd in regards to ease of doing business. The services sector contributes 69.8% to the GDP while the agriculture and industry sectors contribute 1.7% and 28.5% respectively. Canada’s leading industries are foodstuffs, petroleum, and natural gas, chemicals, transportation equipment, fishery, and wood and paper materials. Canada boasts abundant minerals including iron, zinc, sulfur, gold, nickel, and magnesium. In 2015, the country exported goods worth $523.904 billion such as motor vehicles, aircraft, chemicals, industrial machinery, and crude petroleum. The country imported goods valued at $547.874 billion.
Service, Mining, And Manufacturing Sectors In Canada
Canada, like other developed nations, has its economy dominated by the service industry. The country receives thousands of visitors annually who boost the tourism sector. Other service industries include healthcare, information technology, finance and insurance, wholesale and retail, and telecommunication. Canada’s is a major producer of natural resources such as sulfur, zinc, gold, cobalt, titanium, potassium, and uranium. 80% of these resources are exported, and the US is the largest consumer. The oil sands in Alberta have made Canada a top exporter of oil. Canada has a strong manufacturing sector credited with the production of products including food items, clothing, electronics, medical equipment, transportation and sporting equipment, and automobiles and aircraft.
Top Exports Of Canada
Cars exported from Canada are valued at $47,632 million and the country is ranked 10th in top auto producing countries. Aircraft, helicopters, and spacecraft are the second most exported products at $7,322 million. Aircraft parts exported from the country are valued at $2,758 million. The top natural resources exported by value are coal ($6,766 million); raw aluminum ($5,570 million); iron ore ($4,569 million); gold ($3,730 million); and copper ore ($3,107 million). Top agricultural products are wheat ($6,317 million); rapeseed ($5,190 million); rapeseed oil ($3,398 million); pork (2,828 million). Other exports from Canada are potassic fertilizers ($6,519 million); pharmaceuticals ($5,162 million); sulfate chemical woodpulp ($4,390million); ethylene polymers ($4,022 million); gas turbines ($3,23million); spark-ignition engines ($2,740 million); and refined petroleum ($2,514 million).
Top Export Partners Of Canada
The United States is the largest consumer of Canada’s exports at 75.2% followed by China at 4.10% and the UK at 3.17%. Canada’s trade with the US is facilitated by the North American Free Trade Agreement (NAFTA) which also includes Mexico, a country which imports 1.51% of Canada’s exports. Other consumers of Canada’s exports include Japan, India, South Korea, Hong Kong, Netherlands, Germany, France, and Belgium.