Member countries: Canada, 28 countries* in the European Union. Its share of Canada’s mineral exports was 53.4%, which is slightly lower than the 2016 share of 55.2%. Overall Canada incurred a -$6.6 billion trade deficit for 2019, down by -27.8% from the -$9.1 billion in red ink one year earlier. Canada Trade Last Previous Highest Lowest Unit; Balance of Trade -3763.20-3817.20: 8524.80-5575.10: CAD Million: Current Account The U.S. services trade surplus with Canada was $29.2 billion in 2019. Things Canada sells create jobs in Canada and bring in foreign income that stabilizes the Canadian currency. When Canada’s free trade agreement with the EU came into effect, it unlocked the biggest opportunity for Canadian exporters since NAFTA. Historically, the issue of Canada's largest trade partners, and dependence on particular markets, has been a major political issue. Nine percent of that $800 Billion would give us how much they spent with China, which means Canada spent about $72 Billion on imports from China. Mineral exports to Canada’s seven largest trading partners increased on a year-over-year basis from 2016.. Canada's economic output as measured by gross domestic product was $1.93 trillion in 2019. Of that total trade, roughly 75% is done with countries which are part of free-trade agreements with Canada, primarily the United States through the North American Free Trade Agreement (NAFTA). Exports. Their closest rival is Australia, which exports 10% of the yearly total. Canada’s trade with the US is facilitated by the North American Free Trade Agreement which also includes Mexico, a country which imports 1.51% of Canada’s exports. Although still small in relative terms, trade with the nations of Southeast Asia is of increasing importance. This was just one-tenth that of its primary trading partner, the United States ($21.37 trillion) and slightly less than its other NAFTA partner, Mexico ($2.6 trillion). China takes 34% of Canada’s rapeseed exports, with Japan, Mexico and Pakistan being other notable export destinations. The United States remained Canada’s largest trading partner. Mineral trade by country. Canada is regularly described as a trading nation as its total trade is worth more than two-thirds of its GDP (the second highest level in the G7 after Germany). The agreement creates enormous trade and investment opportunities for both Canada and the member countries of the EU. The trilateral trade bloc of North America, NAFTA, is an acronym for the North American Free Trade Agreement. Canada is the leading exporter of rapeseed with a 48% share of the annual market. Canada's actual trade with the ten countries above was closer to about $800 Billion in 2013. Other consumers of Canada’s exports include Japan, India, South Korea, Hong Kong, Netherlands, Germany, France, and Belgium. As defined by Investopedia, a country whose total value of all imported goods is higher than its value of all exports is said to have a negative trade balance or deficit. The Top 20 Export Products Of Canada The relative significance of Canada's trade with the European Union (EU) countries (including the UK) has fallen since the mid-l960s, and now accounts for only 5.7% of total exports and 8.7% of total purchases abroad. Key facts: Canada trades with other countries because it makes good economic sense to do so. 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