Canada, the second-biggest country on the planet as per land region, isn't just known for its amazing scenes and multicultural society yet additionally for its powerful trade statistics. According Canada Import Data to as a globally integrated nation, Canada participates in large number of imports that fuel its economy and take care of the necessities of its different populace. In this blog, we will dig into the past imports trends of the nation, followed by the Top 10 main import of Canada, revealing insight into the fundamental products that contribute essentially to the country's financial thriving and prosperity.
PAST IMPORT TRENDS OF CANADA
As per the latest records and insights of the international trade statistics, we have gathered some crucial facts and statistics based on previous years.
CANADIAN IMPORTS TRENDS (2018-2022)
YEAR EXPORTS
2018 USD 460.10 billion
2019 USD 453.15 billion
2020 USD 404.27 billion
2021 USD 489.70 billion
2022 USD 567.82 billion
As observed, from the facts and figures, the value of imports is rising in each passing year, hence making Canada one of biggest traders across the globe.
MAJOR IMPORTS OF CANADA
Following are the major imports that are done by Canada on yearly basis.
· Vehicles and spare parts
· Machinery and equipment
· Electronic devices
· Pharmaceuticals and medical equipment
· Mineral fuels and oils
· Plastic items
· Furniture and bedding items
After studying Canada Import Data reports of past few years, we have listed some of the favorite items of Canada in detail that are imported into the nation the most on regular basis.
1. VEHICLES AND VEHICLE PARTS
As a country with a solid car industry, it is nothing unexpected that vehicles and spare parts rank high among main import of Canada.
Canada imports a significant number of vehicles, trucks, and auto parts to fulfill homegrown need and backing its own vehicle producing area. Imports from nations like the US, Japan, Mexico, Germany, and South Korea contribute essentially to Canada's car imports. In the year 2022, the nation imported automobile worth USD 78.93 billion.
2. MACHINERY AND EQUIPMENT
Machinery and equipment form a critical component of Canada's import portfolio. From industrial machinery to computer hardware, Canada relies on imports to keep its industries running efficiently. Advanced manufacturing equipment, technological machinery, and various specialized tools are imported to meet the demands of Canada's diverse industrial sectors.
3. ELECTRONIC EQUIPMENT AND DEVICES
With rapid advancements in technology on daily basis, Canada imports a variety of electrical goods and gadgets to meet the demands of its tech-savvy population. From smartphones and laptops to TV and other consumer electronics, these imports come from various countries, including China, the United States, Japan, and South Korea amounting to USD 53.16 billion in the year 2022.
4. PHARMACEUTICALS AND MEDICAMENTS
Canada's medical services framework relies upon bringing in drugs and medicaments to supply its clinics, drug stores, and medical care suppliers. The nation imports a lot of doctor prescribed drugs, non-prescription meds, and clinical gadgets from nations like the US, Switzerland, Germany, and India.
5. MINERAL FUELS AND OILS
Being one of the biggest nations in the world and having least population, Canada still imports certain types of mineral fuels and oils to meet its specific domestic demands. Crucial imports may include petroleum oils, natural gas, and other refined fuels from countries like the United States, Saudi Arabia, Algeria, and Nigeria.
6. PLASTICS AND PLASTIC ARTICLES
The Canadian manufacturing sector relies on the import of plastics and plastic articles for various applications. These imports encompass a wide range of products, such as plastic sheets, tubes, and containers. Countries like the United States, China, Mexico, and Germany are among the top sources of plastic imports for Canada. In the year 2022, total plastic imports amounted to USD 22.50 billion.
7. FURNITURE AND BEDDING
Main import of Canada a significant amount of furniture and bedding products to cater to its consumer needs and complement its domestic manufacturing. From office furniture to household items, these imports come from various countries, including China, the United States, and Vietnam.
FINAL VERDICT
As Canada continues to engage in international trade, it remains committed to fostering strong relationships with its trading partners while ensuring the stability and prosperity of its domestic market. By embracing innovation and adapting to global market trends, Canada stands as a shining example of successful international trade, contributing to the growth and development of its economy and beyond.
If you are interested to know more about the Canadian market and trends, then feel free to reach TradeImeX through our website or directly mail us your query.
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