Importing from Canada

Canada Import Guide | Trade Finance Global

Importing from Canada

As a net exporter of oil the economy has taken a bit of a hit from the recent downturn in oil prices, however the Bank of Canada is still predicting a period of steady economic growth. Canada ranks among the top global producers of many minerals including potash, uranium, diamonds and nickel and is planning to exploit $1 trillion in natural gas over the next 30 years.

Top Canadian exports are crude petroleum ($80.5 billion), cars ($45.9 billion), refined petroleum ($18.6 billion) and petroleum gas ($12.6 billion). Top export destinations are the United States ($320 billion), China ($20 billion), Japan ($11 billion) and the UK ($9 billion).

Canada Country Profile

Official Name (Local Language) Canada
Capital Ottawa
Population 35,362,905
Currency Canadian Dollar
GDP $1,532 billion
Languages English, French
Telephone Dial In 1

Canada Exports Profile

Exports ($m USD)

420,632

Number of Export Products

4,378

Number of Export Partners

222

Top 5 export partners

Country

Trade

% Partner Share

United States

319,067

75.85

China

18,187

4.32

United Kingdom

13,636

3.24

Japan

9,118

2.17

Mexico

6,052

1.44

Top 5 Export Products at HS 6 digit level

Export Product

Number

Petroleum oils and oils obtained from bituminou

12.8%

Automobiles with reciprocating piston engine di

11.1%

Automobiles with reciprocating piston engine di

3.1%

Gold in unwrought forms non-monetary

2.7%

Petroleum oils, etc, (excl. crude); preparation

2.5%

Chart Showing GDP Growth Compared to rest of world

GDP Composition for Canada

Agriculture

%

Product List

1.6%

Wheat, barley, oilseed, tobacco, fruits, vegetables; dairy products; fish; forest products

Industry

%

Industry List

27.7%

Transportation equipment, chemicals, processed and unprocessed minerals, food products, wood and paper products, fish products, petroleum, natural gas

Services

%

Service List

70.7%

Importing from Canada: What is trade finance?

Stock finance is a revolving facility which some banks and specialist lenders offer – it enables firms to purchase stock supplies and can help ease working capital problems.

Generally, a trade financier will fund all of the cost of the products, including charges (e.g. fees).

Trade finance offers upsides over more traditional bank finance such as bridging mortgages or loans. Trade finance provides up front funding without affecting existing bank relationships.

How does it work?
If you’re a business importing or exporting goods around the world, then a trade finance facility would allow you to fund this through offering a letter of credit or some form of cash advance.

I’m looking to import from Canada, how can Trade Finance Global help, and how does it work?
If you are looking to import inventory from other international markets, you may require import finance, which is an agreement between yourself (the importer) and the foreign exporter. A alternative finance bank will act as the intermediary, paying the foreign exporter on your behalf until you receive the stock supplies and have then sold them to your customer. Repaying the lender then occurs over an agreed period of time.

NAM Trade – Quick Links

Information

Canada_Map

Importing from Canada? Contact our local experts

Canada_Flag

Canada Economic Statistics

Government Website

https://www.canada.ca/

Sovereign Ratings

https://countryeconomy.com/ratings/canada

Central Bank

Bank of Canada

Currency USD Exchange Rate

1.331

Unemployment Rate

7.1%

Population below poverty line

9.4%

Inflation Rate

1.6%

Prime Lending Rate

1%

GDP

$1,532 billion

GDP Pro Capita (PPP)

$46,200

Currency Name

Canadian Dollar

Currency Code

CAD

World Bank Classification

High Income

Competitive Industrial Performance

15/138

Corruption Perceptions Index

8/180

Ease of Doing Business

22/190

Enabling Trade Index

24/136

Currency in Canada

About the Author

Natasha Roston is Head of People and Growth at Trade Finance Global (TFG). 

She builds partnerships to create innovative trade finance education projects and experiences. A key advocate for TFG’s annual Women In Trade campaigns, Natasha wrote a piece on the impact of gender stereotypes for gender equality in the workplace in 2022. Natasha is also responsible for TFG careers, culture, and team growth. A Level 2 Qualified Coach and Mental Health First Aid Champion, she leads internal training, supporting the holistic wellbeing of the team.

Before joining TFG Natasha worked in education for over a decade. Initially as a classroom teacher, and then in academic and pastoral leadership roles. Following this, she worked in EdTech as a Learning Design Coach for Aula’s Higher Education platform.

Natasha holds an MA from Tel Aviv University, a History PGCE from The Institute of Education and a BA from the University of Nottingham. Currently, she is studying for her Level 3 Certificate in International Trade from the Institute of Export & International Trade. In addition to her work at TFG, Natasha volunteers for the Young Women’s Trust as a Work It Out – CV Volunteer. 

 

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