imports � goods brought into a country from another country
exports � goods sent out from a country to another country
balance of trade � the difference between how much a country exports and
how much it imports ($ exports - $ imports = balance of trade)
tariff � trade tax; it is paid when goods go into a country
NAFTA � North American Free Trade Agreement (Canada, United States, Mexico)
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% of exports
Total exports in 2002 : $410,686.5 million
to United States 85.0% ($348,383.7 million)
to Japan 2.0% ($9,706.9 million)
to United Kingdom 1.4% ($5,905.8 million)
to other European Union members 4.0% ($15,304.6 million)
to other countries 7.6% ($31,385.5 million)
Canada's Imports
% of imports
Total imports in 2002 : $356,109.3 million
from United States 71.5% ($254,688.3 million)
from Japan 3.3% ($11,735.6 million)
from United Kingdom 2.9% ($10,311.0 million)
from other European Union members 7.3% ($25,833.5 million)
from other countries 15.0% ($53,540.9 million)
Balance of Trade : +$54,577.2 million
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What Canada Exports
*Agricultural and fishing products � wheat, fish
*Energy products � petroleum, natural gas
*Forestry products � wood, pulp, paper
*Industrial goods and materials � metals, chemicals
*Machinery and equipment � industrial, farm, transportation
*Automotive products � cars, trucks, auto parts
*Other
What Canada Imports
*Agricultural and fishing products � fruits, vegetables
*Energy products � petroleum
*Forestry products
*Industrial goods and materials � metals, plastics
*Machinery and equipment � industrial, farm, office
*Automotive products � cars, trucks, auto parts
*Other � clothes, shoes
(source: Statistics Canada)
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Questions to think about:
*Why do countries trade?
*Why are imports important to Canada?
*Why are exports important to Canada?
*Why is a positive (+) balance of trade good for a country?
*Why do countries have tariffs?
*How are Canadian goods transported to our top 3 trading partners?
*Why is trade with the United States important to Canada?
*Why does Canada need to trade with other countries?
*Why do countries sign Trade Agreements?
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