an open ECONOMy
QuÉBec’s expoRts (As A PERCENTAgE OF gDP)
Sources: Statistics Canada and Institut de la statistique du Québec.
Québec’s exports of goods and services account for 57% of GDP and
are an important engine of its economy.
AN ECONOMy INTEgRATED wITh ThE NORTh AMERICAN MARkET
The North American Free Trade Agreement (NAFTA) has opened a huge market to Québec:
in 1988, prior to NAFTA, Québec’s international exports
accounted for 21% of GDP;
today, they account for 37% of GDP.
More than 80% of international exports are shipped to the United States, which bought more than $63.7 billion worth of merchandise from Québec in 2005.
The strength of the trade relation between the United States and Québec is confirmed by the ranking of U.S. economic partners.
Québec is the seventh-largest exporter to the American market:
after the United Kingdom and ahead of South Korea.
Québec is also an excellent customer of the United States:
it ranks fourth as an export market, ahead of China, the United Kingdom, Germany and South Korea.
BREAkThROUghs ON MANy MARkETs
Québec has business relations in many regions of the world:
almost 9% of international exports are shipped to member countries of the European Union, chiefly the United Kingdom, France, Germany and the Netherlands;
new markets are being developed, especially in China and Mexico, where exports have surged by almost 770% between 1998 and 2005;
Québec supports the efforts of business people to penetrate emerging markets:
to strengthen its business relations, missions to China in September January 2006.
Québec undertook trade 2005 and to India in
cumulatiVe gRowth in meRchandise expoRts - 1988-2005 (PER CENT)
Aircraft and parts
Chemical products and
petroleum derivatives Machines, tools and office equipment
Primary metals and aluminium
hIgh vALUE-ADDED ExPORTs
Québec’s international exports reflect its diversified industrial structure in which high value-added products account for an increasing share.
Capital goods have risen substantially as a proportion of exports, from 22% in 1988 to 35% in 2005.
The growth in international merchandise exports between 1988 and 2005 is attributable mainly to capital goods such as aircraft and parts.
Source: Institut de la statistique du Québec.
ECONOMIC AND FINANCIAL PROFILE OF QUÉBEC