Trade Surges 22 Percent in 2010 between U.S. and Canada
During 2010, surface trade between the United States and Canada increased by more than 22 percent, compared with 2009 levels. According to the U.S. Bureau of Transportation Statistics, surface trade accounted for more than $471 billion in goods crossing the border last year, and brought trade levels to their highest point since the North American Free Trade Agreement (NAFTA) was signed in 1994. A key indication the economy is starting to rebound since 2009.
According to Canadian Transportation & Logistics, surface trade (all trade conducted by ground – primarily via truck and rail) accounts for more than 86 percent of all goods transported between the two countries.
Trade between the two countries had dipped by as much as 30 percent at the peak of the recent economic recession. This latest data confirms that the trade relationship is back on solid footing and, with Canada experiencing a more rapid economic recovery than the U.S., it remains an excellent opportunity for U.S. businesses seeking to expand their customer base.
Does your business target the Canadian market? Given the above statistics, there is a great amount of wealth and opportunity within Canada, and previous information indicates Canadians are ready and embrace U.S. brands.