BRIC Countries Trade with Canada
China Is Canada's Largest BRIC Export and Import Partner
Among the fast-growing emerging economies commonly known as BRIC countries (Brazil, Russia, India and China), Canada imports the most goods from China. More Canadian exports are shipped to the People’s Republic than any other BRIC country.
But while Chinese exports to Canada continued to rise at the fastest rate for BRIC countries, last year Russia increased its consumption of Canadian imported goods at a faster rate than any other BRIC nation.
Still, China generates over 92% of the overall Canadian trade deficit with BRIC countries. Last year, Canada reduced its per country trade deficits to Russia by 39.6% and to Brazil by 7.5%.
Overall Exports, Imports and Trade Surplus
BRIC economies exported US$41.9 billion worth of goods to Canada in 2007, up 15.4% from 2006 and up 258% since 2003. BRIC exports represented 11.1% of total exports to Canada in 2007.
BRIC imports from Canada increased by 25.4% to $12.8 billion last year, a faster one-year increase than that for BRIC-to-Canada exports. BRIC countries imported about 263% more in 2007 than 5 years ago. Imports from Canada account for 3.1% of all imports delivered to BRIC nations.
BRIC countries enjoyed a $29.2 billion surplus in its trade dealings with Canada in 2007. This BRIC surplus grew 11.5% from its 2006 amount, and has expanded by 255% since 2003. Canada’s trade deficit with BRIC countries was more than two-thirds the size of Canada’s overall trade surplus in 2007.
Exports to Canada by BRIC Country
Leading all BRIC countries, China generated 85% of overall BRIC country exports to Canada in 2007.
- China ... US$35.6 billion (9.4% of global exports to Canada)
- Brazil ... $3.1 billion (0.8%)
- India ... $1.8 billion (0.5%)
- Russia ... $1.3 billion (0.35%).
China also increased its exports to Canada faster than any other BRIC country.
- China ... 17.2% increase in 2007 (up by 269% since 2003)
- Russia ... 9.7% increase (up by 232%)
- India ... 8.9% increase (up by 181%)
- Brazil ... 3.4% increase (up by 218%).
Imports from Canada by BRIC Country
Last year, Chinese imports from Canada represented 67.7% of overall Canadian shipments to BRIC countries.
- China ... US$8.6 billion (2.1% of overall global imports)
- India ... $1.6 billion (0.4%)
- Brazil ... $1.4 billion (0.35%)
- Russia ... $1.1 billion (0.25%).
Russia boosted its demand for Canadian imports by the highest rate among all BRIC nations in 2007. Over a 5 year period, India showed the greatest percentage rise in demand for Canadian goods.
- Russia ... 38.3% increase in 2007 (up by 448% since 2003)
- China ... 28% increase (up by 206%)
- Brazil ... 20.4% increase (up by 220%)
- India ... 11.1% increase (up by 301%).
BRIC-Canada Trade Surpluses by BRIC Country
With a US$27-billion surplus through trading with Canada in 2007, China accounts for 92.6% of Canada’s $29.2 billion trade deficit with BRIC countries and about two-thirds of Canada’s overall $40.7 billion deficit with all countries.
- China ... US$27 billion trade surplus with Canada (92.6% of overall BRIC-Canada surplus)
- Brazil ... $1.7 billion (5.8%)
- Russia ... $269.3 million (0.9%)
- India ... $202.4 million (0.7%).
Canada’s trade deficit with China increased at a faster rate than for any other BRIC country in 2007.
- China ... 14.1% increase in 2007 (up by 275% since 2003)
- Brazil ... 7.5% decrease (up by 215%)
- Russia ... 39.6% decrease (down by 21%)
- India ... 6.2% decrease (down by 57%).
In contrast, Canada’s trade deficit with India decreased the fastest over the 5-year period since 2003.
Sources for this Article
This article presents independent calculations and insights based on data provided by Statistics Canada as of June 29, 2008.
