For many years, one of the strongest parts of the Canadian economy has been its ability to maintain a trade surplus. The import situation in Canada has been one where they usually export more consumer goods and raw goods than they important, which puts them in good position to maintain a strong financial base going forward. In late 2009, the important situation changed slightly in Canada, with the country seeing a huge increase in imports, resulting in its first trade deficit in quite some time. The reason for this change was quite clear to those who are familiar with the Canadian economy.
Importing American trucks
The primary thing that Canadians began to import much more of was the American pickup truck. Auto imports in general rose by almost ten percent in the country, which was an especially shocking result after years and years of people not making those new car purchases. Especially strange was the fact that people were importing trucks more than anything else. Canadians automotive imports topped $5.3 billion, which includes the actual vehicles and all of the parts, as well. This is a trend that is not expected to continue, as economists are hopeful that Canada can regain its trade surplus in the coming years.
Canadians and conservation
Canadians have an advantageous place with their import situation because they do not have to import many raw products and they are not responsible for a large portion of the energy imports in the world, either. As a population, Canadians are relatively responsible consumers that do much to conserve whenever it is possible. This fact alone has helped them to remain viable financially through the recession and it’s positioned them for a strong recovery in the early part of 2010, according to most economists.