CANADAS TRADING PARTNERS Trade Connections Quick Overview of

CANADA’S TRADING PARTNERS Trade Connections

Quick Overview of Imports/Exports and Trade � https: //www. youtube. com/watch? v=geoe 6 NBy 10

What are Trading Partners � � � Trading partners are two countries who exchange imports and exports Canada is one of the top 10 largest trading partners in the world Canada trades with over 40 countries around the world Over 20% of Canadian jobs are related to trading Trading is very important to Canada’s economy - it is important to every economy around the world

Canada’s Trading Partners � USA, Japan, Mexico, Britain, and China are Canada’s most important trading partners US is Canada’s most important trading partners � EU is second mot important trading partners (as a group of nations) � Japan is the second most important country � � Trading has to do with transporting the goods as well US and Mexico are Canada’s closest neighbours, this makes it less expensive to transport goods between these countries � If Canada was trading with the EU or parts of Asia it would be more expensive to transport goods � The sharing of time zones, make communicating with each other easier �

Our Biggest Trading Partners � As already said, Canada trades with countries around the world � But, � our biggest partners is the US They account for around ¾ of trade and the majority of capital moving in and out of Canada https: //www. youtube. com/watch? v=CLzt. Z 4 BVfc 0

Trading With the World (Exports) Country % Share of Total Exports United States 84% Japan 2. 1% UK 1. 9% China 1. 6% Germany 0. 7% Mexico 0. 7% France 0. 6% South Korea 0. 6% Belgium 0. 5% Netherlands 0. 5% Total of Top 10 93. 2%

Trading With the World (Imports) Country % Share of Total Exports United States 57% China 7. 8% Japan 3. 8% Mexico 3. 8% Germany 2. 7% UK 2. 7% Norway 1. 6% South Korea 1. 4% France 1. 3% Italy 1. 2% Total of Top 10 83. 3%

What is NAFTA? � NAFTA is the North American Free Trade Agreement � A. K. A � � � Free Trade Established in 1994 in order to increase imports and exports between countries in North America Trade agreement signed by the government in Canada, United States and Mexico It is mean to eliminate trade barriers (such as restrictions, tariffs, and quotas) between the three countries

What is NAFTA? � � Some thought NAFTA would not be beneficial to Canada Some thought removing tariffs (taxes) placed on imported goods, would encourage Canadian consumers to buy products manufactured in the US or Mexico But since NAFTA’s inception, it has made the North American market one of the strongest in the world � North American buys and sells goods and services so much that more money and more jobs have been created, and the countries have a strong economy

So, how has NAFTA been? � � Since NAFTA’s inception, it has made the North American market one of the strongest in the world North America buys and sells goods and services � A lot of money and jobs have been created � Countries ended up with having strong economies https: //www. youtube. com/watch? v=Dw. KR 08 t 5 BGA https: //www. youtube. com/watch? v=371 CRxn. Gk. A 8

What are Trade Barriers? � � Trade barriers are rules that were put into place by governments that make it difficult for countries to trade with one another Example of trade barriers – tariffs � They are taxes that are paid on goods and services that come into a country � Tariffs increase the cost of imported goods � � Tariffs are established to protect local businesses and produce similar products For example, if a PS 4 from Japan is selling for $450 CAD, but a PS 4 from Canada is selling for $300 CAD, shoppers would buy the less expensive option