Are you aware Canada ranks 13th in import & export?
Imports allow a country to supply scarce and non-existent products from other countries. This enriches the country’s belongings, and makes the unavailable, available easily.
Import can be broadly categorized under two heads:
A] Industrial and Consumer Goods: It includes material used in production and finished goods. For e.g. Clothing, beverages, electronics, automobiles etc.
B] Intermediate Goods and Services: It comprises raw materials used for production of other goods. For e.g. Salt, wood, car engines etc.
Now that we have an idea of what imports are; let’s get a glimpse into what Canada imports, in chronology ranging from most to least.
1] Automotive: Automotive is the top-most imported category. This includes cars majorly and car accessories as well. Import of cars might seem like an unattainable task, but it is quite feasible. Trucks, crude oil, turbo jets are also imported. Not only does Canada Import cars but it also exports manufactured cars.
2] Digital products: Digital products like phones; computers are also imported quite often. The importance of digital products just can’t be denied.
3] Medications: This is a new addition to the imported goods, and is a growing sector.
The US and China are the top two importers and exporters of Canadian goods. Due to highly integrated supply chains, the US is Canada’s chief trading partner.
Why import instead of manufacture?
▪ Expertise: Some countries are better at producing a particular good, which is why imports work well.
▪ Cost: Some countries like China produce cheaper products, which gives a good reason to import them because they are cost-effective.
▪ Environment: Sometimes the weather and environment is unsuitable to produce particular stuff like food. So import becomes an easy option.
▪ Rare items: Some items are unique to a place, hence to be imported.
Manufacturing requires paid labor, raw materials, and a lot more efforts and import makes things easier at an affordable rate.
Importing goods broadens the choice of purchase; they are more affordable than locally producing them and get to you a superior quality product. Hence, import is very beneficial to a country.
Automobiles being the topmost imported category not only shows how cars are important in Canada but also depicts how to import a car to Canada is no more a difficult task. Due to high import; Canada is well-versed with the laws and regulations and the entire import process is carried out with ease.