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Stephanie Menard

on 19 February 2013

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Exports and Imports What is an export? Exports are goods or services that are sold to another country Why export? Excess goods: a country produces more of a product than its people need (ex: almost half of Canada is covered in forests. Canada has more lumber than it will need)

Unique Products: a country produces unique goods or services (ex: Canada does not grow coffee beans, many South American countries have the proper soil to produce coffee beans. South American countries export coffee beans to Canada)

Lower cost: a country is able to produce goods or services at a low cost (ex: wages in China are much lower than Canada. Many basic goods such as clothing are produced there because the final cost is low) What are Canada's Top Exports? Oil
Communications What is an import? Goods or services brought in from another country Why Import? Better quality and lower cost: some countries produce better or cheaper versions of certain products

More choice: people like to have options when they are shopping (ex: there are dozens of different types of cereal)

Can't make enough or at all: some countries don't have the right crops, materials, weather to make or grow certain goods (ex: Japan does not have enough farmland to feed its population, they import a lot of their food to survive) Canada's Top Imports Machinery/Equipment
Consumer goods (clothes, electronics, etc)
Agricultural products (think fruits/vegetables!)
Motor vehicle products
Medicine Canada's Top Trading Partners 1. United States
2. China
3. Mexico
4. United Kingdom
5. Japan
6. Germany
7. South Korea
8. France
9. Italy
10. Brazil The World Trade Organization
(WTO) The WTO is an important organization that supervises international trade. It was founded in 1995 and includes 153 countries. It supervises more than 20 trade agreements. The WTO is criticized by many groups as being undemocratic and increasing inequality between countries. Useful links http://www.international.gc.ca/international/index.aspx?view=d
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