Canadian Economy Continues to Benefit from Exports

Canada’s exports continued to expand and helped grow the economy in 2012 despite a global stagnation in exports, reports Foreign Affairs, Trade and Development Canada in a just-released assessment.

In its detailed summary of the key trends and developments in international trade and investment, Canada’s State of Trade: Trade and Investment Update 2013, the department noted the following facts:
•    8 out of 10 provinces and all territories reported positive real economic growth
•    business expenditures drove most GDP growth
•    government expenditures contracted, contributing negatively to GDP for the first time since 1997
•    economic activity grew in all 4 quarters
•    inflation rose just 1.5%, nearly halving from 2.9% a year earlier
•    combined exports of goods and services grew 1.1% in a challenging global environment that saw trade stagnate and exports decrease in countries around the world; exports of services decreased 1%
•    Canada rose from 13th to 12th place among the world’s leading merchandise exporters, (US$455 billion in total exports)
•    Canada remained the most important trading partner of the US, ahead of China and Mexico in total trade (16.1%)
•    Canada’s exports to Mexico reached $5.4 billion, making Mexico our fifth-largest export destination.
•    Canada’s total bilateral trade with China continued to increase in 2012, up 7.8% from a year earlier ($70.1 billion)
•    the United Arab Emirates remains Canada’s largest export destination in the Middle East and North Africa region ($1.5 billion)
•    energy is Canada’s top export commodity ($115.8 billion)

Read the full report: Canada’s State of Trade: Trade and Investment Update — 2013 .