Moreover, the rewards for innovation, particularly in the digital economy, often accrue to the few who own the related IP. Cross-border trade in services totalled another $119.3 billion. While the United States and Canada generally cooperate on trade issues, there are a number of areas where the 2 countries have disagreements. Some 75.7 per cent of Canada's 2014 merchandise exports went to the US, equivalent to about 20 per cent of Gross Domestic Product (GDP). Since 2009, wheat and canola have accounted for at least 50% of Canada’s total crop exports. The Canada–US two-way merchandise trade is the largest bilateral trading relationship in the world, totalling $750.7 billion in 2014. Forest products amounted to more than 10% of Canada's total merchandise exports, averaging $45 billion per year in the five years ending 2005 . Canada exports vast quantities of its oil with one of its major export destinations being the US. In particular, Canada’s service sector, which has become an increasingly important source of exports, has created many new jobs paying above-average wages.13 But still, some workers have been left behind. Much of Canada's oil production are in the provinces of Newfoundland and Labrador, Alberta, and Saskatchewan. To be sustainable, the recovery must broaden to include exports and, with this, business investment Bank of Canada Governor Tiff Macklem Macklem’s remarks were focused on the need to strengthen exports, and less on the current economic outlook. U.S. total exports of agricultural products to Canada totaled $24 billion in 2019, our 1th largest agricultural export market. Canada’s industry and land use vary based on region. Soy and pulses exports have accounted for an additional approximate 20 – 25% each year. Trade Flows . Some economists prefer to see a per capita GDP of at … Alberta also produces 75% of Canada’s oil and is important for coal and natural gas. Deficits Overall Canada incurred a -$6.6 billion trade deficit for 2019, down by -27.8% from the -$9.1 billion in red ink one year earlier. Crop commodities2 made up just over three-quarters of that total. Canada is a member of a number of international economic organizations including the WTO, the Free Trade Area of the Americas, and the Asia-Pacific Economic Cooperation (APEC) forum. Leading decliners in terms of consuming Canadian exports were Belgium (down -19.4%), China (down -17.7%) and Mexico (down -13.1%). Forestry is one of Canada's leading export sectors. Overview: In August 2020 Canada exported C$39.7B and imported C$46.7B, resulting in a negative trade balance of C$7.03B.Between August 2019 and August 2020 the exports of Canada have decreased by C$-5.38B (-11.9%) from C$45.1B to C$39.7B, while imports decreased by C$-5.07B (-9.79%) from C$51.8B to C$46.7B. 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