Canada is one the world’s wealthiest countries, something that not many people know. It is also a member of Organization for Economic Co-operation and Development. Canada is also the 10th largest economy in the globe. Canada’s production patterns closely mirror those of the United States, as it enjoys the greatest economic freedom. Canada has been economically successful in the global market because of its economic freedom.
Canada is an elite member of G8 and has the lowest debt burden. Forbes Global lists Canada as home to 69 companies that are the most important in the world, according to 2009. Canada is considered to be one of the most powerful countries in the world due to its many economic successes.
The country’s natural resources and industry are responsible for much of its economic stability. Canada exports the majority of its resources to countries around the world, which results in a high Gross Domestic Product. Canada is a major exporter of iron, copper, and gold. These important minerals are extracted in many areas of Canada. For areas in Canada where farming is difficult, the economy can be sustained by the many mine sources.
The United States is Canada’s biggest trading partner. Canada also receives the largest number of imports from the United States. Canada exported $303.4million of products and merchandise to America alone. Canada exports a lot to the United States, including passenger cars, finish materials, engines and components, plastics lumber, aluminum and car parts and accessory, as well petroleum products.
Canada imports several goods from the United States in a similar fashion. These goods totalled $230.3 millions in 2006. These goods and merchandise include plastics as well computer accessories, industrial engines, computers, trucks, buses and special purpose vehicles.
Canada was able in 2006 to receive an estimated $73 Million from the exchange of goods between these countries. These trade deals also included other products. Actually, the exchange of these goods has significantly increased since 2005. Copper, nickel as well as oil field equipment and zinc are additional exports.
The United States is importing some of its fastest-growing imports in the form of Canada Natural Gas liquids as well as specialized mining equipment, non-ferrous and nuclear fuel materials, and even gold. Canada is still a world leader in economics and a leading producer of precious natural resources such uranium.