exploring the canadian market
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Exploring the Canadian Market. Russ Sawchuk, Director North Carolina Canada Office. Topics. Canada: An Overview Why Canada Trade Facts Canada and North Carolina Key Areas Considerations Additional Resources. Canada – An Overview. - PowerPoint PPT PresentationTRANSCRIPT
Exploring the Canadian Market
Russ Sawchuk, Director North Carolina Canada Office
TopicsCanada: An OverviewWhy CanadaTrade FactsCanada and North CarolinaKey AreasConsiderationsAdditional Resources
Canada – An Overview
Population 33.4 million with 10 provinces and 3 territories
GDP ($1.576 Trillion, 9th in the world)
~$39,600 GDP/capita
Second largest country, 7th largest economy
Why Canada? Affluent, industrial economy Similar business practices and attitudes Geographic proximity reduces transit times & costs
90% of Canadians live within 100 miles of the border Common language, corresponding time zones Open border Sound financial & distribution systems
Canadian Sales should be at least 10% of your US Sales
The Canadian EconomyCanada’s Economy is growing again• Stimulative monetary and fiscal policies• Improved financial conditions• Firmer commodity prices• Rebounding business and consumer confidence• Growth in domestic demand
Canadian GDP Growth• 3% for 2010• 2.9% for 2011 [forecast]• Canadian $ at par with US $
Canada-U.S. Investment:
One of the world’s largest investment relationships
US FDI in Canada: $288 Billion 2009 52% of foreign investments in Canada
Canada FDI in US: $251 Billion 2009 44% of Canadian foreign investment
Canada-U.S. Trade:Statistics
Canada-US trade - largest in worldOver $1.4 billion in goods and services daily in 2010 US exports to Canada up 65% since 1995, under NAFTA55% of all Canadian imports come from the U.S. 75% of all Canadian exports go to the U.S.
Canada and North Carolina
NC Exports to Canada $4.3 billionNC Imports from Canada $3.3 billionBilateral Trade $7.6 billion
Merchandise Trade
Canada is NC’s largest export market
Over $20 million/day traded between N.C. and Canada [2010]
Industrial Machinery (Including Computers)
$ 1.2 billion
Electrical Machinery (Inc. Audio/Video) $ 670 million
Motor vehicle & parts (excluding rail) $ 576 million
Pharmaceutical Products $ 519 million
Plastics & Rubbers $ 370 million
Medical & Optic Instruments $ 274 million
Furniture $ 123 million
Fact: 21% of NC exports are sold to Canada
Top NC Exports to Canada (2010)
Canada and North Carolina
Pharmaceutical Products $ 334 million
Plastics $ 303 million
Industrial Machinery (Inc. Computers) $ 279 million
Paper & Paperboard Articles (Inc. Pulp) $ 278 million
Lumber $ 222 million
Electrical Machinery (Inc. Audio/Video) $ 177 million
Organic Chemicals $ 154 million
Motor vehicle & parts (excluding rail) $ 82million
Top NC Imports from Canada (2010)
Canada and North Carolina
Travel & Tourism
Canadian Overnight Visits to North
Carolina: 443,300
Spending by Canadian Tourists in
NC: $123 million
North Carolinian Visits to Canada:
157,000
Spending by North Carolinians in
Canada: $94million
Canada and North Carolina
Ontario13 million people and 43% of Canada’s GDP
[2010]
Canada’s largest market, and most similar to the USLow-risk entry point into Canada
35% of all Canadian R&DToronto: largest city in Canada, home to
half the country’s largest financial institutions, 90% of its international banks, and over 75% of U.S. subsidiaries in Canada
2011 Best Prospect ListSecurity
Aerospace and Defence
Energy & EnvironmentConstruction & Engineering
ICT
Considerations when Exporting to Canada
Product Adaptation, Approvals & Certifications• CSA
Metric System (Dimensions, Temperature, Mass)
Bilingual (English/French) Language Requirements• Product Labeling
Border Considerations• NAFTA Certificate of Origin for Duty Free Treatment
Sales Taxes (GST, HST)Logistics and Transportation
Resources for NC Exporters to Canada
• NC Dept of Commerce, Intl Division, Raleigh www.nccommerce.com
• NC District Export Council www.ncdec.us
• NC World Trade Center www.wtcnc.org
• US Export Assistance Centers www.buyusa.gov/northcarolina/location.html
• US Commercial Service in Canada http://www.buyusa.gov/canada/en/bsp.html
• Independent Consultants with Canada Experience
• Logistics, Shipping, Freight Forwarding Co’s
• Attorneys & Law Firms with Canadian Presence
Useful Canadian Websites
www.strategis.ic.gc.ca
www.investontario.com
North CarolinaDepartment of Commerce - Canadian Office
Contact Information
Russ Sawchuk, Director13A Princess StreetMississauga OntarioL5M 1Z8 Canada
Phone: (905) 826-6000Fax: (905) 826-6009Email: [email protected]
www.thrivenc.com