According to statistics from Statistics Canada, trade between China and Canada reached record highs in 2022, with imports breaking the $100 billion barrier for the first time.
According to economists and other experts, as demand rises and well-established supply networks reassert themselves in a post-pandemic world, businesses are looking past political tensions between the two nations.
James Brander, an economics professor at the Sauder School of Business at the University of British Columbia, asserted that businesses would not put politics above profits in the absence of laws or regulations mandating it, such as the ones presently prohibiting trade with Russia.
Yes, there are conflicts, of course. However, unless there is a clear strategy, political tensions don’t have a significant impact on economic or trade flows, or economic activity in general, according to Brander.
According to Statistics Canada, Canada imported goods from China worth a high $100,027,968,000 last year, up 16% from $86 billion in 2021.
Consumer goods accounted for $31 billion of all imports in 2022, followed by electronic and electrical apparatus ($28 billion).
According to the data, Canadian exports to China hit a record high of $27.9 billion, recovering from a slump caused by the arrest of Chinese Huawei executive Meng Wanzhou in 2018 and China’s detention of Canadians Michael Spavor and Michael Kovrig.
Last year, China lifted a three-year ban on Canadian canola that had been applied following Meng’s arrest. Meng has since returned to China.
However, tensions between Ottawa and Beijing remain high amid accusations of Chinese meddling in Canadian elections and government confirmation of Chinese surveillance operations.
Source: Global News
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