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. Alberta also produces 75% of Canada’s oil and is important for coal and natural gas. 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. Canada exports vast quantities of its oil with one of its major export destinations being the US. Much of Canada's oil production are in the provinces of Newfoundland and Labrador, Alberta, and Saskatchewan. Canada's major oil-producing region is Alberta as in 2015 it accounted for approximately 80% of the oil produced in Canada. 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. Some economists prefer to see a per capita GDP of at … Soy and pulses exports have accounted for an additional approximate 20 – 25% each year. Forest products amounted to more than 10% of Canada's total merchandise exports, averaging $45 billion per year in the five years ending 2005 . Crop commodities2 made up just over three-quarters of that total. 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. One unofficial threshold for a country with a developed economy is a GDP per capita of $12,000. Trade Flows . The Canada–US two-way merchandise trade is the largest bilateral trading relationship in the world, totalling $750.7 billion in 2014. The eastern portion of the country is the most industrialized but Vancouver, British Columbia, a major seaport, and Calgary, Alberta, are some western cities that are highly industrialized as well. Canada’s industry and land use vary based on region. Since 2009, wheat and canola have accounted for at least 50% of Canada’s total crop exports. Canada’s largest exports Canada exported C$33.97 billion worth of ag commodities in 2018 1. 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. Forestry is one of Canada's leading export sectors. Leading decliners in terms of consuming Canadian exports were Belgium (down -19.4%), China (down -17.7%) and Mexico (down -13.1%). Moreover, the rewards for innovation, particularly in the digital economy, often accrue to the few who own the related IP. 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