The foundation of the Canadian economy is foreign trade and the United States is by far the nation's largest trade partner. Foreign trade is responsible for about 45 percent of the nation's gross domestic product (GDP). Free trade agreements between the 2 nations have increased trade by eliminating tariffs . Each day approximately US$1 billion worth of goods crosses the U.S.-Canadian border. To understand the scale of U.S.-Canadian trade, it is important to point out that the United States sends more products to Canada than it does to all of Latin America.
INDONESIA-CANADA FACT SHEET
Indonesia is Southeast Asia’s largest economy, a G20 member with solid long-term macro fundamentals and strong economic potential. Indonesia is Canada’s largest export market in the ASEAN region and despite a slowdown in 2016 (low commodity prices, completion of major aircraft order, late harvest season), bilateral trade and Canadian exports have reached new heights in 2018. This is thanks to growing exports of cereals, wood pulp and fertilizers.
- In 2018, exports from Indonesia to Canada rose to US$3.9B
- Indonesia is largest export market in the ASEAN region and despite a slowdown in 2016
- Indonesia is the second-largest destination for Canadian direct investment in Southeast Asia, at a total stock of $3.2B in 2018.
- Canada and Indonesia share over 60 years of collaboration
Canada Economy Snapshot
The Gross Domestic Product (GDP) in Canada was worth 1736.43 billion US dollars in 2019, according to official data from the World Bank and projections from Trading Economics. The GDP value of Canada represents 1.45 percent of the world economy
Canada has the seventh-largest economy in the world. Most of the businesses are privately-owned, although the government does play a major role in the health-care system and operates many services including transportation and utility companies. The Canadian economy is diverse and highly developed. It is very similar to the American economy, although smaller in size. In the aftermath of World War II, the nation was transformed from a rural economy, based on agriculture, to one based on industry and mining. The nation's economy has been further transformed since the 1970s and services now provide the main economic output.