Canada’s #Export Performance under #CETA
The #European #Union represents #Canada’s second largest merchandise #export destination after the #United_States, accounting for approximately 7.5% of Canadian global merchandise exports over the last five years. On September 21st, 2017, the Canada–European Union Comprehensive #Economic and #Trade_Agreement (CETA), Canada’s most ambitious trade agreement since the North American Free Trade Agreement (#NAFTA), entered into force.
As of writing, CETA has been in force for almost two years with merchandise trade data available for 21 months. From October 2017 to June 2019, bilateral merchandise trade between Canada and the EU rose 14.6% or $26.3 billion over the equivalent pre‑CETA period (October 2015 to June 2017) to reach $206.6 billion in value. Canada’s merchandise exports to the #EU totalled $77.6 billion (up 9.1% or $6.5 billion) and merchandise imports grew by 18.1%. Gold is an important export for Canada to the UK, but it is volatile in value for reasons not related to CETA. Excluding gold, Canada’s exports to the EU advanced 14.0% since CETA came into force.
Canadian exports increased to seven out of its top ten trade partners in the EU since the implementation of CETA, with all seven posting double‑digit growth rates. Together, these ten European countries accounted for over 90 percent of Canadian exports to the EU during this period. Exports to the #Netherlands led all major European destinations and advanced 56.0%, on the back of higher exports of energy products and aluminum. However, this number is likely inflated by transshipments destined to other European countries, as the Netherlands is home to the largest port in Europe (Port of #Rotterdam). Other notable increases include #Ireland (cereals and energy products), #Italy (#pharmaceuticals), #Poland (energy products), and #Germany (vehicle & parts and machinery). In contrast, exports contracted slightly to #Sweden (#mineral_ores), the #UK (#nickel and #precious_stones & #metals), and #France (#oil_seeds and #machinery).