Alberta also produces 75% of Canada’s oil and is important for coal and natural gas. While the United States and Canada generally cooperate on trade issues, there are a number of areas where the 2 countries have disagreements. Soy and pulses exports have accounted for an additional approximate 20 – 25% each year. Canada's major oil-producing region is Alberta as in 2015 it accounted for approximately 80% of the oil produced in Canada. The eastern portion of the country is the most industrialized but Vancouver, British Columbia, a major seaport, and Calgary, Alberta, are some western cities that are highly industrialized as well. Canada’s industry and land use vary based on region. Leading decliners in terms of consuming Canadian exports were Belgium (down -19.4%), China (down -17.7%) and Mexico (down -13.1%). The Canada–US two-way merchandise trade is the largest bilateral trading relationship in the world, totalling $750.7 billion in 2014. Forestry is one of Canada's leading export sectors. Much of Canada's oil production are in the provinces of Newfoundland and Labrador, Alberta, and Saskatchewan. Canada’s largest exports Canada exported C$33.97 billion worth of ag commodities in 2018 1. One unofficial threshold for a country with a developed economy is a GDP per capita of $12,000. Deficits Overall Canada incurred a -$6.6 billion trade deficit for 2019, down by -27.8% from the -$9.1 billion in red ink one year earlier. To be sustainable, the recovery must broaden to include exports and, with this, business investment Bank of Canada Governor Tiff Macklem Macklem’s remarks were focused on the need to strengthen exports, and less on the current economic outlook. Trade Flows . Overview: In August 2020 Canada exported C$39.7B and imported C$46.7B, resulting in a negative trade balance of C$7.03B.Between August 2019 and August 2020 the exports of Canada have decreased by C$-5.38B (-11.9%) from C$45.1B to C$39.7B, while imports decreased by C$-5.07B (-9.79%) from C$51.8B to C$46.7B. Crop commodities2 made up just over three-quarters of that total. Moreover, the rewards for innovation, particularly in the digital economy, often accrue to the few who own the related IP. Canada exports vast quantities of its oil with one of its major export destinations being the US. Cross-border trade in services totalled another $119.3 billion. Canada is a member of a number of international economic organizations including the WTO, the Free Trade Area of the Americas, and the Asia-Pacific Economic Cooperation (APEC) forum. Since 2009, wheat and canola have accounted for at least 50% of Canada’s total crop exports. 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