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).