I did a presentation yesterday to provide some historical perspective on Canadian trade, as we face the threat of tariffs. Here are some graphs that may be of interest. 1/ #cdnpoli #cdnecon #econsky
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First, something that will come as no surprise.... Canada's dependence of the US as a market for our goods has grown dramatically over the last 60 years. 2/
The first big jump occurred with the signing of the 1965 Auto Pact, but there were significant increases following NAFTA in 1994. About the year 2000, about 85% of all our exports were going to the US. 3/
There's been a drop off since, but the US still constitutes 75% of our exports. Given this, it is also not surprising that Canada's exports are highly concentrated. 4/
Between 1962 and 2021, only five countries, besides the US, have taken more than 2% of our exports in a given year: Japan (59/60 years), the UK (48/60), China (16/60), Germany (13/60) and Russia/USSR (8/60). 5/
The UK was already a much-diminished market for our exports in the early 1960s (the UK took over 30% of our exports as late as 1939), but it became of negligible importance once the Auto Pact came in, and it joined the EEC. 6?
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