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- In 2006, the value and volume of both our imports and exports reached record highs.
- The combination of strong demand and rising prices for Canada’s natural resource products, specifically metals, crude petroleum and grains, led to the record export performance of 2006.
- Exports of natural gas, autos and lumber all reported lower export values for the year as US demand for these products declined. As a result of the drop in these exports, exports to the United States fell for the first time in three years.
- Exports to countries other than the United States were on the rise, on the strength of higher-priced metals and agricultural products, as well as increased shipments of aircraft.
- The United Kingdom edged out Japan for second largest export destination after the United States. Export values for gold, uranium, nickel and aircraft to the United Kingdom pushed up the UK total. The value of exports of aircraft and parts increased in 2006 thanks to an 80% surge in exports to countries outside the United States offsetting the 20% decline in sales to the United States. The increase in sales outside the United States was due to the renewed demand from the European Union, particularly Germany and the United Kingdom, after cooling off in 2004 and 2005. As well, there was an emergence of new customers in Australia and South Korea.
- Imports from the United States increased in 2006; however, imports from China, Mexico, and countries from which the Eastern provinces import oil, such as Algeria, Iraq and Nigeria, outpaced those from the United States.
- The boom in the Western provinces made headlines as oilsands construction expanded and people flooded in to capitalize on the higher wages brought about by a tight labour market. Higher profits for businesses and incomes for individuals brought about a rapid expansion in investment and consumer purchases. Consequently, 2006 was a year of record-high imports, pushed up by strong imports of machinery, electronics, cars and trucks, home furnishings and clothing.
