State of Trade Issue 6: The Greatest Trade Relationship in the World Continues to Benefit Canadian Economy
Canada-U.S. trading relationship stronger than ever, says Minister Fast
January 27, 2014 – The Honourable Ed Fast, Minister of International Trade, today presented some of the findings from Canada’s State of Trade: Trade and Investment Update 2013, a publication of Foreign Affairs, Trade and Development Canada.
“Canada’s close trading relationship with the United States continues to benefit all Canadians, creating and sustaining jobs and contributing to our economy and our prosperity every day,” said Minister Fast. “That’s why we continue to work with our American friends and partners to strengthen this relationship to the benefit of workers and families in both countries.”
In 2012, mineral fuels and oil (primarily crude) remained Canada’s top export to the United States, accounting for $105.8 billion out of $338.7 billion in total merchandise exports, or 31.2 percent. Canada’s exports of automotive products to the United States, the second-largest export category at $58.4 billion, saw the biggest growth in 2012 (up $8.1 billion). The United States, a priority market under Canada’s Global Markets Action Plan, is the destination of nearly three quarters of Canada’s merchandise exports.
“I recently met with U.S. Secretary of Commerce Penny Pritzker to discuss the economic and commercial advances that we have made in the 20 years since NAFTA was implemented and how we can build on that progress to continue growing our economies and creating jobs,” said Minister Fast. “When it comes to the Canada-United States trading relationship—the most successful free trade relationship the world has ever seen—the possibilities truly are endless.”
Following the historic Canada-U.S. free trade agreement, NAFTA came into effect on January 1, 1994. Since then, two-way trade in goods and services between Canada and the United States has more than doubled. In 2012, our bilateral trade in goods and services was $742 billion—equivalent to almost 41 percent of Canada’s GDP. Over 10 million jobs in both countries depend on Canada-U.S. trade—8 million in the United States and 2.4 million in Canada. Canada and the United States are each other’s largest export market. In fact, Canada is the number one foreign market for goods for 38 of the 50 U.S. states.
Canada’s State of Trade: Trade and Investment Update was released on December 27, 2013. It provides an annual overview of recent trends in international trade in goods and services. It includes numerous figures and tables detailing Canada’s performance in key markets, reports on trade and investment with NAFTA countries, updates of progress made under other free trade agreements and summaries of Canada’s current and financial accounts with the United States, the European Union, Japan and other trading partners.
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For further information, media representatives may contact:
Office of the Honourable Ed Fast
Minister of International Trade
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