BY CHRONICLE STAFF
As Canadian lawmakers debate whether or not to approve pending free trade agreements with Colombia and Peru, Canada’s trade with those countries is showing healthy growth.
Trade with Peru, its third-largest trade partner in Latin America, reached 2.8 billion Canadian dollars (US$2.6 billion) last year, an increase of 16 percent from 2007. Meanwhile, trade with Colombia, Canada’s seventh-largest trade partner in the region, grew by 18.7 percent to 1.3 billion Canadian dollars.
All in all, Canada’s trade with Latin America reached 51.9 billion Canadian dollars (US$48.7 billion), an increase of 22.6 percent from 2007, according to a Latin Business Chronicle analysis of data from Statistics Canada. That was nearly twice as much as the growth rate last year of U.S. trade with Latin America.
Canada’s exports grew by 56 percent to 18.2 billion Canadian dollars, while imports grew by 10 percent to 33.8 billion Canadian dollars. That means Canada's exports to Latin America grew nearly three times more than U.S. exports to the region, while its imports from Latin America grew about the same.
Canada’s trade deficit with Latin America reached 15.6 billion Canadian dollars, which was 18 percent lower than in 2007. Canada last year had a surplus with only seven of its top 20 trade partners in Latin America.
Canada’s exports have generally performed stronger than imports from Latin America, points out Carlo Dade, Executive Director of the Canadian Foundation for the Americas (FOCAL), a think tank dedicated to strengthening Canadian relations with Latin America and the Caribbean. “Canadian trade with ...
Keywords: Brazil, Chile, Colombia, Cuba, Mexico, Peru, Venezuela