Canada Heads for Largest Trade Deficit in its History
The CAW has released a new report showing that Canada’s automotive trade balance has deteriorated so dramatically this year; it is now on track to record its largest automotive trade deficit in history.
The report, Canada’s Deteriorating Automotive Trade Performance, provides statistical evidence of the erosion of the country’s once-impressive record in auto trade. Data covering auto exports and imports for the first seven months of this year indicate that Canada imported $4.3 billion of auto products (both finished vehicles and parts) more than it exported for that period. This year’s automotive trade deficit could reach $8 billion.
Canada’s largest automotive trade deficit is with Japan (exceeding $6 billion), while Canada’s most unbalanced automotive trade relationship is with Korea from whom Canada purchases 183 times as much automotive value as Canada sell in South Korea. The fastest-growing automotive imports have been from China (up by over 1200% in 10 years) and Korea (up by almost 600%).
The CAW report calls attention to the potential damage more free trade agreements will do to the auto sector. In particular, the union urges the federal government to stop its free trade negotiations with Korea.
The latest round of Canada-Korea negotiations is taking place in Ottawa this week.
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