Top 5 import products of Canada in 2020
Like for most countries in the world, 2020 brought unprecedented changes to the trading habits of Canada, as well. In trying to use all their resources to fight the pandemic, and keep its people safe. Canada had to adopt increasingly creative and flexible methods to deal to keep their businesses going.
Despite this, both imports and exports fell during the year of 2020—an inevitable consequence of the pandemic.
Imports to Canada fell 0.3 per cent to 50.1 billion in November 2020. The country purchased less of industrial machinery, equipment, and parts. The imports of general-purpose machinery and equipment dove as well. To make matters worse, imports for metal ores and non-metallic minerals also fell 11 per cent. But Canada seemed to have made up the differences by importing aircraft and other transportation equipment and parts. These imports went up by 16.2 per cent.
The total imports for 2020 add up to 50102.60 million CAD for the year 2020.
Let us look at the top imports of the year.
It is no surprise that the import of consumer goods tops the charts. The pandemic made countries less self-reliant, as they had to use all the resources to both contain COVID-19 and treat those who had it. Countries didn’t have the luxury to prioritise consumer goods over everything else. Thus, they had to look elsewhere to fulfil their needs. As a result, the total value of consumer goods Canada imported adds up to 11743.60 million CAD.
Motor Vehicles and Parts
Canada is the second-largest automobile market in North America. The primary exporter to Canada is the United States. In 2018, the provided Canada with over 65% of their automotive imports. Generally, Canada prefers to conduct trade with the US on these matters as they have similar road safety regulations for their vehicles. Hence, the total imports of motor vehicles and parts add up to 8729 million CAD for 2020.
Passenger Cars and Light Trucks
Similar to motor vehicles, Canada is also a large market for passenger cars and light trucks. In 2018, parts, components and systems for automobiles cost Canada $20 billion. Thus, the total value of these imports in 2020 adds up to 4223.60 million CAD.
Intermediate Metal Products
Since Canada lacks in metal deposits, it often outsources the manufacture of intermediate and finished metal products to other countries. Its imports usually come from the US, Japan, South Korea, and Germany. Its total imports add up to 2300 million CAD for the year 2020.
Miscellaneous Goods and Supplies
With the pandemic, the import of miscellaneous goods and supplies increased for the year 2020. They add up to 2084 million CAD.
The government of Canada promises a flourish in trade in the new year. With the new vaccine breaking into the market, their promises don’t appear unfounded.