MNI BRIEF: StatsCan On Exposure To The U.S. Market

Following are excerpts from Statistics Canada's GDP report Friday focusing on the country's trade ties to the U.S. 

"Total exports accounted for 24.1% of Canadian gross domestic product (GDP) and around 4 million jobs in 2023, the latest year for which value-added in exports data are available. The United States continued to dominate the Canadian export market, with exports to the United States accounting for 16.8% of Canadian GDP and more than 2.6 million jobs in Canada in 2023."

"The manufacturing sector continued to be among the sectors with the highest exposure to the US market in 2023, relying on demand from the United States for 42% of its output. Primary metal manufacturing was one of the manufacturing subsectors that relied the most on exports to the United States, with 45% of its output attributed to direct exports to the United States and 61% of its output attributed to total demand from the United States. Within this subsector, the alumina and aluminum production  and processing industry had the highest reliance on exports to the United States, with 68% of its output attributed to direct exports to the United States and 80% of its output attributed to total demand from the United States."

"The steel product manufacturing from purchased steel industry and the iron and steel mills and ferro-alloy manufacturing industry were also highly reliant on exports to the United States, with 69% and 66% of their output attributed to US demand, respectively."