VANCOUVER, BC – December 10, 2019 – The Asia Pacific Foundation of Canada (APF Canada) is pleased to announce the launch of its first annual report on Canada’s performance within the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP).
The 2019 CPTPP Tracker analyzes the evolution of Canadian trade, investment, and innovation within the CPTPP, which came in to force on December 30, 2018 amid an already-protracted trade war between the United States and China that has compromised Canadian trade expansion. It monitors, analyzes, and forecasts trends and opportunities in Canada's international trade and investment relations with its CPTPP partner countries.
Key findings of the 2019 CPTPP Tracker include:
- Canadian exports to CPTPP countries totalled C$19B in the first nine months of 2019, a decline of three per cent over the same period in 2018.
- Canadian exports to CPTPP countries are highly concentrated with the top three export markets (Japan, Mexico, and Australia) accounting for 82 per cent of Canada’s total CPTPP exports.
- Animal products, machinery, and mineral products are the fastest growing export sectors for Canada within the CPTPP.
- In the first nine months of 2019, Canada’s imports from CPTPP countries increased by C$2.6B, or 4.9 per cent, compared to the same period in 2018.
- The provinces of Ontario, British Columbia, and Quebec saw the greatest value from the CPTPP in the first nine months of 2019, with C$5.1B, C$4.2B,and C$3.4B, respectively, in exports to CPTPP member economies.
- In the first nine months of 2019, British Columbia’s exports saw the greatest decrease with a decline of C$536M (11%) over the same period in 2018, with Saskatchewan facing the second largest decrease (C$151M, or 7%) and Quebec facing the third largest decreased (C$132M, or 4%).
“This report is the first exercise at measuring Canadian export performance within the CPTPP region,” said APF Canada Vice-President Research Dr. Jeffrey Reeves. “This snapshot of the CPTPP’s inaugural year offers opportune information and analysis to decision-makers in private and public sectors to plan and readjust their strategies for the upcoming years.”