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A Case of Politics over Economics: Renewed Canada-Korea Trade Negotiations - briefing kit

Total Canada-Korea Trade:

Canada consistently imports much more from Korea, than we export there.  The result is a large, chronic trade deficit – that corresponds to lost sales, and lost jobs, for Canadians.  In 2012 we sold $3.7 billion worth of exports to Korea.  But we imported $6.4 billion from Korea.  The result was a trade deficit of almost $3 billion.  In 2013 (based on preliminary data) things got worse.  Our exports fell, and our imports grew – and the deficit swelled to almost $4 billion.

It’s not just the quantity of trade that is the problem, it’s also the composition (or quality) of trade.  We purchase from Korea a wide range of high-tech, expensive manufactured goods: appliances, electronics, and cars.  Especially cars.  In fact, automotive products make up almost half of our total imports from Korea (and the Korean government’s primary interest in a trade deal is to increase Korean auto sales here even further).