Canada is located in North America and has an area of 9,879,750 km2. It is one of the largest countries in the world and has a population of more than 38 million inhabitants. Its capital is Ottawa and its currency is the Canadian dollar.
Foreign trade
Tags: Internationalization , SMEs , markets
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Canada is one of the world's top 10 economies by GDP, but experienced a sharp contraction in 2020, with GDP falling by 7.1 percentage points.
The 2020 Trade Map, developed by the International Trade Centre (ITC), indicates that Canada's most important trading partner in terms of exports is the United States, followed by China, the United Kingdom, Japan and Germany. Canada stands out for its exports of mineral fuels, mineral oils, distillation products and land vehicles.
In terms of economic sectors, the most relevant data on the Canadian market are:
Primary sector
The agricultural sector represents 1.9% of Canada's GDP and mexican whatsapp number only 1% of the population, according to data from the World Bank. Within this sector, the agri-food industry stands out, employing 1 in 8 workers, bearing in mind that Canada is one of the main exporters of agricultural products in the world, particularly wheat.
In addition, it is one of the largest producers of minerals, including nickel, zinc and uranium. The country also has large gas reserves and the fourth largest oil reserve in the world, ranking as the seventh largest crude oil producer.
Secondary sector
Canada's industrial sector accounts for 23.3% of GDP and 19% of the workforce. The industries dominated by renewable energy, forestry, mining, metals, minerals, fisheries, oil and gas are the main industries.
Service sector
The services sector, for its part, dominates the Canadian economy, accounting for 68% of GDP and employing more than 79% of the working population, according to 2020 data. The most important services are education and health; and the most dynamic are telecommunications, tourism, the internet and aerospace engineering.
Market trends
Canada offers an environment for entrepreneurship and is open to innovation and foreign investment. Both the central and provincial governments offer tax incentives for business investment regulated under the so-called “Investment in Canada Act.” However, it should be noted that the initial requirement in this case is to have a high capital to assure the State that it is a good business.
According to Santander Trade's market analysis, there are three important factors to consider in Canada: on the one hand, it is one of the countries with the largest skilled workforce; on the other, it has easy access to raw materials and, finally, it has 30 million consumers and a sophisticated transport network with major technological advances.
Taking into account the business opportunities offered by the different sectors in the Canadian market, one of the most attractive for foreign investment is the agri-food sector, since, according to ICEX data, Canada's per capita income and the good image of Spanish agri-food products mean that many of our national products - such as fresh and frozen fish and seafood, wine, olive oil and both fresh and frozen fruit and vegetables - have a privileged position in their market.