One of Canada’s most important industries is trading. At world level, Canada is the 10th largest exporter of goods and services, and the 12th largest importer of the same commodities. Foreign investors who want to start businesses in Canada can set up trading companies by respecting the company incorporation and licensing procedures.
Our Canadian company formation consultants can offer more information related to trading regulations applicable when importing or exporting goods and services in/from this country.
The most imported and exported products into/out of Canada
When it comes to exports, Canada is renowned for the companies with factories delivering cars and spare parts all over the world, therefore these are the most exported products by local companies. Another product exported by Canadian companies is petroleum – crude and refined. Agricultural products such as wheat is also on the list of the most exported commodities in Canada.
With respect to imports, Canada is one of the largest importers of auto vehicles on the American continent. Companies here also import computer parts, car spare parts, chemical products and electricity.
Canada’s main trading partners
Canada’s largest trading partner is its neighbor, the United States of America as the two countries use a Harmonized System (HS) to simplify trading relations. However, Canada also has trade partners in other parts of the world, such as Asia where China is its major import/export partner, Japan, and in Europe where the United Kingdom and Germany are Canada’s largest trading partner countries. Canada also has good trading relations with Mexico.
Our company registration agents in Canada can assist foreign investors who want to start trading companies here.
Classification of the goods imported/exported by Canada
As mentioned above, Canada uses a Harmonized and a Coding System based on which the goods destined for import or export are classified. These are divided into:
- capital goods;
- intermediate goods;
- consumption goods.
The most imported products by Canadian companies are consumption goods, while the most exported are capital goods.
For full information on trading procedures and assistance in starting a business in Canada, please contact our local representatives.