China passes Canada as the largest US trade partner
Canada is no longer the United States’ biggest trading partner, thanks to falling oil prices reducing the value of Canadian energy exports.
The United States’ trade with China topped $441.6 billion through September according to U.S. Commerce Department data, up nearly four per cent. Meanwhile Statistics Canada shows Canada’s trading balanced out at $438.1 billion, down nearly 11.6 per cent from the same time last year.
The drop is mostly blamed on the prices of crude oil, a major export for Canada. The price per barrel has plummeted from a peak of $107 per barrel in 2014 to $44 per barrel today.
China’s main exports are plastic products, toys, appliances, electronic and computer products. They also export high amounts of soybeans, meat and poultry.
The U.S. remains the largest trading partner of Canada bringing in $261 billion in exports and $234 billion in imports for the first nine months of this year according to Statistics Canada.
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