Canada - Less Dependent on U.S.

02 February 2012 - Which Way to Pay

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Canada - Less Dependent On U.S.

According to a study released by TD Economics the Canadian economy is becoming less and less dependent on its United States neighbours. In regard to share of exports and gross domestic product Canada’s reliance on America has been on a steady decline over the last decade. The Banks of Canada said that in the long term, Canada’s economic prosperity will increasingly be driven by trade with other non-U.S. economies. It seems Canada’s economic power is shifting more and more from central Canada to the energy and resource rich Western provinces. Canadian exports to China have more than doubles and exports to Europe are up 83 % while exports to the US are down 14 %.  This export shift will also help drive job growth.

In the report TD Economics forecasts that by 2010 the direct contribution of the U.S. to Canadian exports will have slipped to under 67 % from a peak of 84 % in 2002. The bank said that, “At the same time, the direct contribution of U.S. exports to Canadian GDP will stabilize at 20 %, almost half of its share 10 years ago.”

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Related Links:
• TD Economics
Canada's Declining Reliance On U.S.
• Bank Of Canada
The Central Bank Of Canada

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