What is a trade deficit — and does it matter to the economy? [BNN Bloomberg (Canada)]
Royal Bank Of Canada (RY)
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Source: BNN Bloomberg
Each country has an overall global trade balance, as well as various balances with other states they buy and sell with — for example, the one between the United States and Canada. More than $3.5 billion in goods and services cross the border daily, with the U.S. comprising Canada's closest largest trading partner. More than two-thirds of Canadian trade is with its southern neighbour, and Canada is among America's top trading partners as well. What are key factors behind the U.S. trade deficit with Canada? It mainly boils down to oil. Virtually all of Canada's crude oil exports and much of its other energy products flow south. Energy exports accounted for more than $177 billion or roughly 28 per cent of Canada's goods exports to the U.S., according to the federal government. “If we exclude oil ... the U.S. is actually benefiting from this trade relationship,” said Salim Zanzana, an economist at the Royal Bank of Canada. The idea that an imbalance necessarily hurts a country
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