Published: 10:08, October 7, 2020 | Updated: 15:18, June 5, 2023
China-Canada trade rises to record levels
By ​Bloomberg

China’s share of Canadian trade has risen to record levels. And COVID-19 is a big part of the reason why.

Total exports and imports with China represented 6.9 percent of Canada’s global merchandise trade so far this year. That’s almost a full percentage point higher than the average in the previous three years, according to data released by Statistics Canada

While the Asian powerhouse returns to more normal levels of economic activity, lockdowns are hurting commerce with the US, Canada’s biggest trading partner.

Total exports and imports with China represented 6.9 percent of Canada’s global merchandise trade so far this year. That’s almost a full percentage point higher than the average in the previous three years, and it’s the highest share on record, according to data released Tuesday by Statistics Canada.

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The increase in China’s trade share reflects the fact shipments between the two countries are holding up, little changed from a year ago. Meanwhile, the flow of merchandise with the US is down 17 percent this year, and now represents 67 percent of the total, compared with 69 percent on average in previous years.

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While imports of Chinese consumer goods are a major factor, the shift is also apparent in one Canada’s most important sectors: oil. Traditionally, almost the entirety of Canadian crude exports went to the US, and shipments to Asia were rare. But with its southern neighbor awash with oil that refineries don’t need when so many Americans are working from home, at least eight oil tankers have left Vancouver for China this year.