Obama and Canada Alexander Moens

Movements in Canadian and U.S. Economic Growth (% ∆ in Real GDP ) Year Annual Economic Growth (% Change in Real GDP) Canada USA Source: Industry Canada & Bureau of Economic Analysis, 2008

Canadian trade balance with the United States ( ) 0 50, , , , , , , , Real CND $ (millions) ExportsImportsTrade Balance Source: Industry Canada, 2008

Canadian Trade Balance with the Rest of World ( ) Source: Industry Canada, 2008

Canadian exports, by industrial grouping ( ) Source: Foreign Affair and International Trade Canada, 2008.

U.S. Foreign Direct Investment in Canada Source: Foreign Affairs and International Trade Canada, 2008,

Canada-U.S Energy Trade Canada – U.S. Trade Energy exports rose from $50 billion in 2002 to over $90 billion in 2007 Canada is the largest foreign supplier crude oil and refined products to the US, accounting for 18% of oil imports in 2007 Approximately 71% of Canada’s total oil production is exported to the US, flowing mainly from Western Canada to consumers in the US Midwest and Pacific Northwest Surplus natural gas production in Canada’s Western Sedimentary Basin is used to supply roughly 85% of US imports, accounting for 16% of total US consumption On average, Canada exports between 6% and 10% of total electricity production to the US

Importance of the SPP in Canada and the US 51% of total Canadian exports to the US, and 77% of total imports coming into Canada from the US are transported across the border by truck The cost to trade of security at border crossings was estimated at 2.6% of GDP in 2005 Measures to provide lower-cost border crossings will greatly benefit trade flows Regulatory harmonization and product standard compatibility will make North American industries more competitive globally The ultimate goal should be to create a North American Standards and Regulatory Area (NASRA)