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Canada is no longer the number one trading partner for the United States. That position is now held by China, which accounted for $441.6 billion (17.4%) of total U.S. trade in September 2015, versus $438 billion (15.3%) in Canada-U.S. trade.
Part of the decline is a result of lower oil prices and the reduced value of Canadian oil exports to the U.S.. However, trade experts say the more important trend is the growing importance of China in the global economy (China is now the largest or second-largest trading partner of about 100 countries around the world, including Canada).
Trade patterns will change even more if the Trans-Pacific Partnership Deal moves forward and more liberal trade is allowed by the signing countries, which include the U.S., Canada, Japan and several Pacific Rim countries.
For more information, contact Chris Barnard, Vice President – Projects & Market Development.
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