International Market Development

International market development | Comprehensive analysis of Canada's economy and market conditions

Author : Bozhou Marine

Update time : 2020-12-24 13:08:20

In this article, we mainly introduce the basic situation of the Canadian market. Including: geographic location, major cities, population conditions, ethnic groups, major festivals, natural resources, major industries, infrastructure construction, GDP, foreign exchange reserves, employment, prices, corporate income tax, personal tax rates, etc.

  Introduction

Canada (English/French: Canada) is a North American land and sea country located in the northern part of North America. It borders the Atlantic Ocean in the east, the Pacific Ocean in the west, Alaska in the northwest, the continental United States in the south, and the Arctic Ocean in the north. The land area is 9.98 million square kilometers, ranking second in the world.

Canada is a highly developed capitalist country. Thanks to its abundant natural resources and highly developed technology, Canada has become one of the countries with the highest living standards, the richest society, and the most developed economy in the world. Canada is a member of NATO, Five Eyes Alliance, Group of Eight, Group of 20, World Trade Organization and other international organizations.

  Capital

Ottawa is the capital of Canada and the fourth largest city in Canada. It has a population of 1.324 million and 4,715 square kilometers. It is located in southeastern Ontario, on the south bank of the Ottawa River, 400 kilometers east of Toronto and 190 kilometers west of Montreal.

On December 26, 2019, it ranked 102nd on the list of the top 500 global cities in 2019.

Brasilia is 1,100 meters above sea level, 900 kilometers from Rio de Janeiro to the southeast and 865 kilometers from Sao Paulo to the south. The Federal District, connected with 8 satellite towns, covers an area of 5814 square kilometers and has a population of 2.79 million.

  Main City

1.Toronto

As the largest city in Canada and one of the top ten cities in the world, it has gathered more than 100 ethnic groups from all over the world. It is recognized as one of the world's diverse cities. The financial industry in Toronto is very developed. At the same time, as a transportation center, Toronto is also rated as the most livable city.

2. Montreal

Montreal is one of Canada's important economic centers. Before 1900, Montreal's fur trade was very prosperous. After 1900, the city vigorously developed aviation and financial industries and gradually became the world's second largest French-speaking city.

3.Ottawa

As the capital of Canada, it is the political center of Canada, but the temperature in Ottawa is low all year round, and the temperature reaches minus one degree at night for about eight months each year, and it is called the capital of cold.

4. Calgary

Calgary, one of the top ten important cities in Canada, has been rated as one of the cleanest cities by the United Nations many times. Calgary is also one of the few cities in Canada with four distinct seasons, and its economic development is also among the top Canadian cities.

5. Vancouver

Vancouver is an important port city in Canada. As an important city in western Canada, it represents the economic development of the west. It is worth mentioning that Vancouver has the world's third largest film production factory, also known as North Hollywood.

Vancouver Will Street Image | Pixabay

6.Quebec City

Quebec is the largest province in Canada. It borders the United States to the south. As the first city in Canadian history, under French rule, most of the residents are of French descent, and the buildings are full of French style.

7. Winnipeg

As the manufacturing and agricultural center of Canada, Winnipeg is also a transportation hub in Western Canada. It benefits from the vast land of Winnipeg. It has Canada's largest grain trading market and livestock trading market.

8. Edmonton

Edmonton is a city dominated by oil and related industries. The city is rich in oil resources and is an important oil city in Canada. It is worth mentioning that the shopping center built in 1981 was the largest shopping center in the world at that time.

9.Hamiltton

Hamiltton is located in the southernmost part of Canada. It is a port city in Canada. The city has heavy industry and steel as its main economic industries. Hamiltton has many parks and a very high vegetation coverage.

10.Victoria

As one of the top ten important cities in Canada, Victoria has a mild climate and pleasant scenery throughout the year. It is worth mentioning that it has the closest port to Asia, and tourism is the city's core industry.

  Jet Lag

Canada time is divided into six time zones: Newfoundland time zone, Atlantic time zone, Eastern time zone, Central time zone, Mountain time zone, Pacific time zone. The six time zones have a 4.5-hour east-west time difference, so under normal circumstances, Canada is 13-16 hours behind China. Time zone and time difference table of various provinces in Canada:

  Population and Ethnicity

37.89 million (January 2020). They are mainly of European descent such as Britain and France, with indigenous people accounting for about 3%, and the rest are of Asian, Latin American, and African descent.

  Language

English and French are both official languages.

  Main Holiday

Canada Day: (National Day): July 1st each year;
St. Patrick's Day: March 17th every year;
Tulip Festival: May 9th every year;
Queen Victoria's Day (Queen's Birthday): The Monday before May 25 each year;
Quebec Festival: June 24 every year;
Thanksgiving: the second Monday in October every year;
Canadian Remembrance Day (Remembrance Day): November 11 each year;
Christmas (Christmas Day): December 25th every year.

  Natural Resources

The territory is vast, rich in forest and mineral resources. There are more than 60 kinds of minerals, mainly: potassium, uranium, tungsten, cadmium, nickel, lead, etc. Crude oil reserves are second only to Venezuela and Saudi Arabia, ranking third in the world, 98% of which are in the form of oil sands. The proven oil sands crude oil reserves are 167.7 billion barrels, accounting for 10% of the world's proven oil sands reserves. The forest area is more than 400 million hectares (ranking third in the world, second only to Russia and Brazil), the timber-producing forest area is 2.86 million square kilometers, accounting for 44% and 29% of the national territory respectively; the total timber volume is about 19 billion cubic meters Meter. About 890,000 square kilometers in the territory are covered by fresh water, and sustainable fresh water resources account for 7% of the world.

  Main Industry

Agriculture

In 2017, the output value of agriculture and animal husbandry was 19.6 billion Canadian dollars, accounting for 1.1% of GDP. Arable land accounts for 16% of the country's total land area, and 68 million hectares of arable land, accounting for 7.4% of the country's land area. The per capita arable land area is 2.14 hectares. The degree of mechanization of agriculture and animal husbandry is high, with 280,000 employees in agriculture and animal husbandry, accounting for 1.5% of the national labor force. The main agricultural products are wheat, barley, rapeseed and rapeseed oil, linseed, oats, etc. The main livestock products include beef, pork, milk and dairy products.

Forestry

Canada's forest area reaches 350 million hectares, ranking third in the world. Forest and greening coverage is about 40%, accounting for 10% of the world's forest coverage. About 240 million hectares are forests that can be used as timber, of which 67% are coniferous forests (softwood), 16% are mixed forests, and 11% are broad-leaved forests.

Canada is the world's leading exporter of softwood, newsprint and wood pulp, and the fifth largest exporter of wood, printing and writing paper.

Fishery

Canada circumscribes the Pacific, Atlantic, and Arctic Oceans, and has five great lakes within it, with a coastline of 244,000 kilometers, accounting for 25% of the world's coastline. The area of freshwater is 750,000 square kilometers, accounting for 20% of the world's freshwater reserves. 85% of Canada's aquatic products are exported. In 2017, the total value of exported fishery products reached 6.86 billion Canadian dollars, making it the seventh largest fishery exporter in the world, of which 63% were sold to the United States.

Mining

Canada is the world's third largest mining country, with more than 60 types of metal and non-metal minerals proven. According to the Canadian Ministry of Natural Resources, in 2016, the output value of 6 kinds of mineral products in Canada ranked top five in the world, potassium ranked first in the world, uranium second in the world, platinum group metals third in the world, and cobalt, diamond, gold and nickel ranked top five in the world.

Biotechnology Industry

Canada is one of the world’s five largest biotechnology industry markets. Among many categories of biotechnology scientific exploration and application, such as medical and health, agriculture, environmental technology, industrial and production solutions, it is at the world’s leading level and ranked in the comprehensive biotechnology index Ranked 3rd in the world.

Chemical Industry

More than 60% of Canadian chemical industry (including plastics) products are exported, providing approximately 87,000 direct jobs and supporting 520,000 jobs in the economy.

Aerospace

Canada’s aviation industry is well-developed and is the world’s third largest aircraft producer with more than 700 related companies. In 2016, the Canadian aviation industry achieved direct income of 27 billion Canadian dollars, created 208,000 jobs, and contributed 28 billion Canadian dollars to GDP. Of which 70% comes from aerospace manufacturing and 30% comes from maintenance.

Service Industry

Canadian service industry occupies an important position in economic development. Calculated at constant prices in 2007 (the same below), the added value of the Canadian service industry in 2017 was 1.22 trillion Canadian dollars, basically the same as the previous year, accounting for 70.2% of Canada’s GDP; approximately 14.54 million people were employed in the service industry, accounting for the employed population 79% of the total.

  Slow economic growth

Canada is one of the seven major industrial countries in the West. Manufacturing, high-tech industries, and service industries are well developed. Resource industries, primary manufacturing and agriculture are the main pillars of the national economy. In addition, the country is established by trade, and it is more dependent on foreign trade, and the economy is deeply influenced by the United States.

The gross domestic product (GDP) in 2019 was 2303.854 billion Canadian dollars, equivalent to 1.736 trillion U.S. dollars, ranking tenth in the world, with an actual growth rate of 1.6%. The per capita GDP is about 46,000 US dollars-the same as the average per capita of Germany at the same time, but higher than the per capita of Britain, France and Japan.

Canada's GDP growth rate trend chart over the years | TRADING ECONOMICS

From 2011 to 2019, Canada's GDP growth rate has remained hovering at 0-2%. Affected by the epidemic, GDP growth rate will drop sharply in 2020. The Ministry of Finance of Canada stated that Canada's GDP growth rate in 2020 is expected to be -6.8%.

Foreign exchange reserves have grown slowly in recent years

Canada's foreign exchange reserves trend over the years | TRADING ECONOMICS

From 2016 to 2020, Canadian foreign exchange reserves grew slowly. As of December 2019, Canada’s foreign exchange reserves stood at US$87 billion.

The employment population plummets in 2020 and the unemployment rate soars

Canada's employment trends over the years | TRADING ECONOMICS

From 2014 to 2019, Canada's employment population grew steadily. In 2020, the economy suffered a sharp decline due to the epidemic, and the number of employed people plummeted.

Canada's unemployment rate trend graph over the years | TRADING ECONOMICS

From 2011 to 2019, the unemployment rate in Canada continued to fall. In 2020, the unemployment rate increased sharply due to the impact of the epidemic. The unemployment rate in October was 8.9%.

Prices continue to rise and inflation rates fluctuate greatly

Canadian Consumer Price Index CPI Trends over the Years | TRADING ECONOMICS

From 2011 to 2020, the Canadian consumer price index CPI increased faster, and prices continued to rise.

Canada's inflation rate trend chart over the years | TRADING ECONOMICS

From 2011 to 2020, Canada's inflation rate fluctuated greatly, and once fell to a negative number in 2020, the economic growth rate dropped significantly.

Corporate income tax 26.5%

Canadian corporate income tax trends over the years | TRADING ECONOMICS

In 2020, the Canadian corporate income tax rate is 26.5%.

Personal income tax 33%

Canadian personal income tax trends over the years | TRADING ECONOMICS

In 2020, the Canadian personal income tax rate is 33%

www.bozhou-int.com

Previous : International market development | Comprehensive analysis of Russian economy and market conditions

Next : International market development | Comprehensive analysis of Brazilian economy and market conditions