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Steel Exports Report: Canada
Background
Canada was the world’s nineteenth-largest steel exporter in 2017. In year to date 2018 (through March), further referred to as YTD 2018, Canada exported 1.8 million metric tons of steel, a 5 percent increase from YTD 2018. Canada’s exports represented about 1 percent of all steel exported globally in 2017. The volume of Canada’s 2017 steel exports was roughly 1/11th the size of the world’s largest exporter, China. In value terms, steel represented just 1.5 percent of the total goods Canada exported in 2017.
Canada exports steel to more than 130 countries and territories. The two countries labeled in the map below represent the top markets for Canada’s exports of steel, receiving more than 400 thousand metric tons each and accounting for 97 percent of Canada’s steel exports in 2017.
With the exception of three quarters, Canada has maintained a moderate trade deficit in steel products since 2005. Rising exports in the first half of 2008 and a spike in exports in Q4 2012 (resulting from a bulk shipment of semi-finished steel to Egypt) caused the deficit to briefly become a surplus. Since their recent low points in Q1 2009, imports grew 56 percent by Q1 2018, while exports grew 75 percent. In YTD 2018, Canada’s steel trade deficit amounted to –263 thousand metric tons, an increase from –217 thousand metric tons in YTD 2017.
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