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Study: Canada's trade with Russia

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The Daily

Wednesday, May 21, 2008
1998 to 2007

Russia has been growing in importance as a trading partner with Canada during the past decade, even though our trade with the giant represents only about 0.3% of our total trade with the world, according to a new study.

The study, "Canada's trade with Russia, 1998 to 2007," published today in the online publication Canadian Trade Highlights, shows that between 1998 and 2007, Canada's merchandise trade with Russia far more than doubled.

In 2007, Canada's trade with Russia amounted to $2.6 billion, up 154.0% from 1998. This rate of growth was four times the growth of 38.6% in Canada's total world trade.

During this decade, Canada has always had a trade deficit with Russia. The deficit peaked at $1.2 billion in 2005, then narrowed considerably to $289.4 million in 2007.

In recent years, Canada's trade deficit with Russia has been driven mainly by mineral fuels. If mineral fuels were excluded, Canada would have posted a trade surplus of more than $704 million with Russia in 2007.

In 2007, Canada's total exports to Russia amounted to almost $1.2 billion, up nearly four-fold from $288.1 million in 1998. Canada's imports from Russia nearly doubled to $1.4 billion from $730.6 million in 1998.

Of Canada's 10 top exported products to Russia in 2007, 7 were manufactured goods, accounting for over 84% of total exports to Russia in 2007.

Recent gains in exports were led mostly by industrial and agricultural machinery, automotive products, meat products, and aircraft and parts. The industrial and agricultural machinery group is the largest component of Canada's exports to Russia, accounting for over 36.0% of total exports to the country.

In terms of imports, the commodities in Canada's top purchases from Russia have changed little in the last decade, although their relative shares have changed significantly.

In 1998, imports of mineral fuels represented 15.1% of our total imports from Russia. By 2007, they represented more than two-thirds.

Definitions, data sources and methods: survey number 2201.

The study, "Canada's trade with Russia, 1998 to 2007," is now available as part of the Canadian Trade Highlights (65-508-XWE2007002, free) series from the Publications module of our website.

For more information on products and services, contact Sharon Nevins (toll-free 1-800-294-5583; 613-951-9798). To enquire about the concepts, methods or data quality of this release, contact Jafar Khondaker (613-951-9786), International Trade Division.