10 Most Popular Imports in Canada and Why They Matter
Canada is one of the world’s largest economies, with a gross domestic product (GDP) of over $2 trillion in 2022. The country relies on trade to support its economic growth and development, importing goods and services from various partners around the globe. In this article, we will look at the top 10 imports in Canada and why they are important for the Canadian economy and consumers.
According to the World’s Top Exports website, Canada imported US$567.4 billion worth of goods from foreign suppliers in 2022, an increase of 23.3% compared to 2018. The top 10 import categories accounted for over three-fifths (63.1%) of the overall value of its product purchases from other countries. Here are the top 10 imports in Canada and some of the reasons why they matter:
1. Machinery including computers: US$80.2 billion (14.1% of total imports)
Canada imports various types of machinery and equipment, such as industrial, agricultural, construction, mining, and electrical machinery, as well as computers and related parts and accessories. These imports are essential for the production and operation of many sectors in the Canadian economy, such as manufacturing, agriculture, construction, mining, and information technology. They also help improve the productivity, efficiency, and competitiveness of Canadian businesses and industries.
2. Vehicles: $78.8 billion (13.9%)
Canada imports a large number of vehicles, such as cars, trucks, buses, motorcycles, and bicycles, as well as parts and accessories for them. These imports meet the demand of Canadian consumers and businesses for personal and commercial transportation. They also contribute to the development of the automotive industry in Canada, which is one of the largest in the world and employs over half a million people.
3. Electrical machinery and equipment: $53 billion (9.3%)
Canada imports various kinds of electrical machinery and equipment, such as generators, transformers, motors, batteries, lamps, wires, cables, switches, and electronic components. These imports are vital for the generation, transmission, distribution, and consumption of electricity in Canada, which is one of the main sources of energy in the country. They also support the development of other industries that rely on electricity, such as telecommunications, information technology, entertainment, health care, and education.
4. Mineral fuels including oil: $44.8 billion (7.9%)
Canada imports various kinds of mineral fuels, such as crude oil, refined petroleum products, natural gas, coal, coke, and biofuels. These imports are important for meeting the energy needs of Canada, which is one of the largest energy consumers in the world. They also help diversify the energy sources and suppliers for Canada, which is also one of the largest energy producers and exporters in the world.
5. Plastics and plastic articles: $22.5 billion (4%)
Canada imports various kinds of plastics and plastic articles, such as polymers, resins, films, sheets, tubes, pipes, fittings, containers, bags, packaging materials, tableware, toys, and other products made from plastics. These imports are widely used in many sectors of the Canadian economy, such as manufacturing, construction, agriculture, food, beverage, pharmaceutical, cosmetic, and household industries. They also provide convenience, durability, and affordability for Canadian consumers and businesses.
6. Pharmaceuticals: $20 billion (3.5%)
Canada imports various kinds of pharmaceuticals, such as drugs, medicines, vaccines, antibiotics, hormones, vitamins, and other products used for medical purposes. These imports are essential for ensuring the health and well-being of Canadians, especially during times of public health emergencies such as the COVID-19 pandemic. They also support the development of the pharmaceutical industry in Canada, which is one of the most innovative and research-intensive in the world.
7. Gems and precious metals: $19 billion (3.3%)
Canada imports various kinds of gems and precious metals, such as diamonds, gold, silver, platinum, palladium, and other products made from them. These imports are mainly used for jewelry, investment, and industrial purposes. They also reflect the wealth and status of Canadians, as well as their cultural and aesthetic preferences.
8. Optical, technical, medical apparatus: $14.5 billion (2.6%)
Canada imports various kinds of optical, technical, medical apparatus, such as lenses, cameras, telescopes, microscopes, binoculars, lasers, meters, gauges, sensors, scanners, ultrasound machines, X-ray machines, and other products used for optical, technical, or medical purposes. These imports are important for enhancing the vision, measurement, and diagnosis of Canadians, as well as their scientific and technological capabilities.
9. Articles of iron or steel: $14.1 billion (2.5%)
Canada imports various kinds of articles of iron or steel, such as bars, rods, wires, sheets, plates, tubes, pipes, fittings, structures, tools, cutlery, and other products made from iron or steel. These imports are widely used in many sectors of the Canadian economy, such as construction, manufacturing, transportation, energy, and defense. They also provide strength, stability, and durability for Canadian infrastructure and equipment.
10. Iron and steel: $11.1 billion (2%)
Canada imports various kinds of iron and steel, such as pig iron, cast iron, ferroalloys, ingots, billets, slabs, blooms, and other forms of iron or steel. These imports are mainly used as raw materials for the production of articles of iron or steel. They also help reduce the dependence of Canada on its domestic iron ore and steel industry, which is facing challenges such as high costs, low prices, and environmental regulations.
Canada’s Top 10 Imports: Trends and Analysis
Canada is one of the world’s largest economies, with a gross domestic product (GDP) of US$1.74 trillion in 2022. It is also a major trading nation, importing and exporting goods and services worth over US$1 trillion each year. In this blog post, we will look at the top 10 imports of Canada in 2022, based on data from World’s Top Exports . We will also analyze the trends and factors that affect the demand for these products in the global market.
Machinery including computers: US$80.2 billion (14.1% of total imports)
The top import category for Canada in 2022 was machinery including computers, accounting for 14.1% of the total value of imports. This category includes a wide range of products, such as industrial machinery, engines, pumps, turbines, generators, computers, printers, scanners, and other electronic devices. Canada imported most of these products from the United States (US$28.4 billion), China (US$12.8 billion), Mexico (US$6.4 billion), Germany (US$5.9 billion), and Japan (US$4.6 billion).
The demand for machinery and computers in Canada is driven by several factors, such as the need to upgrade and modernize the existing infrastructure, equipment, and technology in various sectors, such as manufacturing, mining, energy, agriculture, transportation, and telecommunications. The demand is also influenced by the consumer preferences and spending patterns, as well as the availability and affordability of these products in the global market.
Vehicles: US$78.8 billion (13.9% of total imports)
The second-largest import category for Canada in 2022 was vehicles, accounting for 13.9% of the total value of imports. This category includes cars, trucks, buses, motorcycles, bicycles, and other motorized vehicles. Canada imported most of these products from the United States (US$38.7 billion), Mexico (US$12.3 billion), Japan (US$7 billion), Germany (US$6.8 billion), and South Korea (US$4 billion).
The demand for vehicles in Canada is driven by several factors, such as the population growth, urbanization, income levels, environmental concerns, safety standards, fuel efficiency, and consumer preferences. The demand is also influenced by the trade policies and agreements between Canada and its major trading partners, such as the United States-Mexico-Canada Agreement (USMCA), which regulates the rules of origin and tariffs for vehicles traded among the three countries.
Electrical machinery and equipment: US$53 billion (9.3% of total imports)
The third-largest import category for Canada in 2022 was electrical machinery and equipment, accounting for 9.3% of the total value of imports. This category includes products such as electric motors, transformers, batteries, wires, cables, switches, lamps, light bulbs, telephones, radios, TVs, cameras, speakers, headphones, and other electronic devices. Canada imported most of these products from China (US$18.5 billion), the United States (US$14.8 billion), Mexico (US$4.7 billion), Vietnam (US$3 billion), and Taiwan (US$2.5 billion).
The demand for electrical machinery and equipment in Canada is driven by several factors, such as the need to enhance and diversify the sources and supply of electricity, the development and adoption of renewable energy technologies, the expansion and improvement of communication networks and services, the growth and innovation of entertainment and media industries, and the consumer preferences and spending patterns. The demand is also influenced by the availability and affordability of these products in the global market, as well as the quality and reliability standards.
References:
http://www.bankofcanada.ca/wp-content/uploads/2015/07/mpr-2015-07-15.pdf
http://www.bankofcanada.ca/wp-content/uploads/2010/11/inflation_control_target.pdf
https://pubs.usgs.gov/periodicals/mcs2021/mcs2021-platinum.pdf
https://pubs.usgs.gov/periodicals/mcs2021/mcs2021-gold.pdf
https://pubs.usgs.gov/periodicals/mcs2021/mcs2021-nickel.pdf
https://pubs.usgs.gov/periodicals/mcs2021/mcs2021-copper.pdf
https://pubs.usgs.gov/periodicals/mcs2021/mcs2021-iron-ore.pdf
https://pubs.usgs.gov/periodicals/mcs2021/mcs2021-titanium-minerals.pdf
https://oec.world/en/profile/country/can/
Essential Topics You Should Be Familiar With:
