Trade with the US and Other Partners

Trade with the US and Other Partners 
The United States and Canada have the longest and most lucrative trade relationship globally. It is estimated that approximately $1.6 billion worth of goods and services are across the border daily. For instance, in 2019, the two sides traded merchandise and services worth $718.4 billion (Global Affairs Canada 1). Significantly, vehicles, electrical machinery, plastics, mineral fuels are the leading exports. Canada is also dominant in the wholesale and insurance export trade market, while the US leads in the finance and non-bank holding corporations. The two sides mutually benefit from foreign direct investment through depository institutions or privately held companies specializing in different industries. However, Canada is more robust in the information and telecommunications service sectors, forming part of US imports. Trade deficits are also shared between them. Nevertheless, the nation also trades with the UK, EU, China, Mexico, and Japan, although most imports are based on automotive products. 

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