UNITED STATES – CANADA
USA
The United States is the world’s largest market and it has the world’s highly developed mixed economy. It is the world’s largest economy by nominal GDP and net wealth and the second-largest by purchasing power parity (PPP). It also has the world’s eighth-highest per capita GDP (nominal) and the tenth-highest per capita GDP (PPP). USA Gross Domestic Product – GDP- has consistently seen growth of 2.1% or more since 2014.
It is the largest, most competitive and technologically advanced economy in the world and It is the EU’s top export destination. The U.S. trade deficit increased from $502 billion in 2016 to $552 billion, an increase of $50 billion or 10%. During the last year, total imports were $2.90 trillion, while exports were $2.35 trillion. The net deficit in goods was $807 billion, while the net surplus in services was $255 billion. The top 5 industries importing into the US are: machinery and mechanical appliances, electrical machinery, automotive equipment, medical & pharmaceuticals, furniture. Click here for US Economy Trade Outlook
CANADA
Canada is the second largest country in the world by area, and has a population of 37 million people (IMF). It’s politically stable with a strong record of economic growth. The economy of Canada is a highly developed market economy. It is the 10th largest GDP by nominal and 16th largest GDP by PPP in the world. As with other developed nations, the country’s economy is dominated by the service industry which employs about three quarters of Canadians. Canada has the fourth highest total estimated value of natural resources, valued at US$33.2 trillion. Canada has the world’s third largest proven petroleum reserves and is the fourth largest exporter of petroleum. It is also the fourth largest exporter of natural gas. Canada is considered an “energy superpower” due to its abundant natural resources and a small population of 37 million inhabitants relative to its land area.
Canada is unusual among developed countries in the importance of the primary sector, with the logging and oil industries being two of Canada’s most important. Canada also has a sizable manufacturing sector, based in Central Canada, with the automobile industry and aircraft industry being especially important. With the world’s longest coastline, Canada has the 8th largest commercial fishing and seafood industry in the world. Canada is one of the global leaders of the entertainment software industry. Click here for CANADIAN Economy Trade Outlook
MEXICO
Mexico is the world’s 15th biggest economy. Total trade in goods and services between the UK and Mexico was £5.1 billion in the four quarters to the end of Q1. The World Bank now classes Mexico as an upper-middle-income country. Demographically, the economically active population continues to grow. Mexico is a strategic gateway, to both the US and Canada and the rest of Latin America. The US-Mexico-Canada Agreement (USMCA) entered into force on July 1st, 2020. Replacing NAFTA, this new agreement widens Mexico’s corridor of commerce with the largest consumer market in the world.
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