OTTAWA— Canadian exports totaled $457.6 billion in 2011, an increase of 13 per cent from 2010, as prices rose 8.6 per cent, according to the latest Statistics Canada report.
Our reliance on the U.S. as a trading partner continued to decline as Asia and Europe gained ground.
While the U.S. remained this country’s largest customer by far, the U.K. and China grew their shares of Canadian exports.
Imports to Canada increased 10.3 per cent over 2010 to $456.4 billion, mainly on the strength of volumes, which were up 8.3 per cent
The trade balance went from a deficit of $9 billion in 2010 to a surplus of $1.2 billion in 2011, marking the first annual surplus since 2008.
Exports to the U.S. in 2011 were just below those recorded a decade earlier, while exports to the U.K. and China grew more than four-fold from 2002 to 2011.
Exports to the U.S. increased to $330.1 billion in 2011, up 10.4 per cent from 2010. Gains were led by crude petroleum exports, which rose 32.3 per cent to a record $68.4 billion.
The U.S. accounted for 73.7 per cent of total exports in 2011, down from 87.1 per cent in 2002.
Exports to the U.K. increased 14.8 per cent in 2011 to a record high of $18.8 billion.
Shipments to China amounted to $16.8 billion, up 26.9 per cent over 2010, with the highest gains in exports of iron ores and concentrates.
The data show that the U.S. now accounts for less than half of total imports to Canada.
Between 2002 and 2011, the share of goods imported from the U.S. declined to 49.5 per cent from 62.6 per cent.
China’s share of imports has shown the largest gains, rising to 10.8 per cent in 2011 from 4.6 per cent in 2002.
The value of imports from the U.S. increased 8.6 per cent over 2010 to $220.8 billion.
China remained Canada’s second-largest source of imports for the 10th consecutive year, with imports hitting $48.2 billion in 2011, up 8.1 per cent increase from 2010.