Maple syrup on Belgian waffles: EU-Canada trade
Wallonia recently voted against the Comprehensive Economic and Trade Agreement (CETA), which aims to eliminate 98% of tariffs between Canada and EU. While the ratification is currently on hold, we take a look at the figures for EU-Canada trade.
Canada is EU’s 12th largest trading partner constituting 11% of extra-EU trade, while EU is Canada’s 2nd largest partner taking up to 9.5% of its external trade. In 2015, the total value of the bilateral trade in goods was €63.5 Billion. EU maintains a positive trade balance with Canada, €35.2 Billion in exports and €28.2 Billion in imports. Machinery and appliances, transport equipment and chemical products are EU’s main exports to Canada whereas commodities, machinery and mineral products are EU’s main imports from Canada.
Bilateral trade in services totaled €27.2 Billion in 2014 and was mostly made up of transportation, travel and insurance activities. Within the EU, United Kingdom, Germany, Netherlands, France and Italy are Canada’s main trading partners. United Kingdom maintains a trade deficit of €6.7 Billion with Canada, while Germany has a trade surplus of €6.8 Billion.
In 2014, EU’s foreign direct investment in Canada constituted €274.7 Billion while Canadian investors’ stock of FDI in the EU was €166.9 Billion.
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