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Chapter Six: Canada's World Trade
Transcript of Chapter Six: Canada's World Trade
Container Freight: Standard-sized metal containers that are used for international cargo because of their security, flexibility, and their ability to be transported with ease.
Electric Power Lines: Tall structures that carry energy through specific power grids. A Supertanker Sailing on the Water An Electric Power Line Running Near a Forested Area Shipping Containers at Port Elizabeth, New Jersey The United States is one of the world’s top traders, importing about $1869.0 billion dollars’ worth of goods/services every year, but we can understand why, since it has the third largest population in the world! Other than its high population, the reason that U. S. spends so much on importing is that its people consume more energy than the country produces and it is very expensive to import it from other countries. This is what puts the United States in the top spot for the largest trade deficit in the world, at -$845.0 billion dollars. Although it has such a high trade trade deficit, it still exports quite a bit earning $1024.0 billion dollars every year. The abundance of natural resources and agriculture it has makes up this amount as well as many products ranging from technology, to automobiles. Germany has the highest value of exports in the world! Like the United States, it imports and exports a fair amount of goods/services, but does not owe near the amount of debt, in fact, other countries owe Germany money! How does Germany do this you ask? It exports high-quality manufactured goods like automobiles and machinery. In 2006, it had a trade surplus of +$216 billion dollars! China is a large country and has many natural resources, like Canada, but like Germany, it has an incredible trade surplus of +$196.1 billion dollars! Unlike the other top trading countries, China is developing at a rapid pace and has a low-cost supply of labour. Japan and Germany, are smaller countries than Canada, but are major economic giants around the world. Japan exports high-quality machinery, automobiles, and electronics, and has workers that are highly-skilled with technology, but has to import a lot of its mineral and energy resources. Overall, this country in the pacific is doing quite well having a +$66.2 billion dollar surplus. The United Kingdom has a minimal amount of natural resources, but has a large energy supply. It gets this energy, such as oil and natural gas, from the North Sea which is close by. The agriculture that it has is also very useful, since it can feed approximately 60% of the country's needs. Although the United Kingdom is very lucky with what nature has given it, there is one downside that leaves the country in a pile of debt. It has out-of-date factories, which makes this part of the U. K.'s economy very weak. Due to this, it also has to import many products, such as automobiles and machinery, from other countries in Europe. Free Trade is trade across borders without duties or tariffs. What are Duties/Tariffs? Duties/Tariffs are taxes on imported goods. For example, if you went shopping in the U. S. and are bringing clothes back to Canada, when you are crossing the border, you have to pay a tax on the items you have purchased (depending on the amount of money you have spent per person). What is a Trade Bloc? A Trade Bloc is a large free-trade area, made up of two or more countries. What is a Cartel? A Cartel is a group of suppliers who agree with each other to maintain high prices and control production. The European Union The European Union is an example of a trade bloc between different nations. It is a group of 27 countries, including a democratic parliament, that decides on many different common policies like trade, development, and security. This group of nations also shares the same currency, the euro (EUR), which allows them to trade between countries more easily. Germany, Britain, France, Italy, and the Netherlands help make the European Union the world’s largest trading power, since they are already on the world’s top eight international traders list. The Organization of Petroleum Exporting Countries (OPEC) The Organization of Petroleum Exporting Countries (OPEC) is an example of a cartel. It is a group of twelve countries whose economies heavily count on crude oil exports, and who control around 70% of the world’s petroleum reserves. This organization was formed in 1960, and also controls the price as well as the supply of oil. The member countries of the OPEC classified by location are: Africa (Libya, Algeria, Nigeria, and Angola), Asia (Indonesia), the Middle East (Qatar, Iran, Saudi Arabia, the United Arab Emirates, Iraq, and Kuwait), and South America (Venezuela). A Proportional Flow Map is a type of thematic map which shows the movements of goods, people, or information. What is a Trade Advisory Group? A Trade Advisory Group is an organization that supervises trade. What are Trade Sanctions? Trade Sanctions are trade penalties imposed on one country by another. What is Protectionism? Protectionism is the policy of adding taxes to imported goods to protect a country's home industries. The World Trade Organization (WTO) The World Trade Organization (WTO) is a trade advisory group that was created in 1995, and represents Canada, along with 151 other countries. They advertise free trade by trying to get countries to eliminate tariffs and other barriers that make trade more difficult. They also settle trade arguments between governments and put together global trade talks. North American Free Trade Agreement (NAFTA) The North American Free Trade Agreement (NAFTA) is a trade bloc, like the European Union, but it is between the countries in North America (Canada, the United States, and Mexico). Unlike the European Union, the NAFTA countries do not share the same currency or political system. Although Canada and Mexico have signed the North American Free Trade Agreement together, the amount of goods they trade is not large, but is increasing. Canada's Trading Status Canada is not on the list for the top five traders in the world, but it is still up there ranking behind France, Italy, and the Netherlands in ninth place. As we all know, it is a very large country, and has many natural resources. Some of Canada’s common exports include: lumber, aluminum, natural gas, petroleum products, hydroelectricity, grain, and motor vehicles/parts. Luckily, since we export a lot, our country has a +$51.8 billion dollar surplus. By Anthony, Chethan, and Bilshan