As for trade, Canada is a leading force in import and export of goods as well. Its trade balance has generally been negative since the financial crisis and a subsequent recession in 2009, meaning that Canada imports more goods than it exports. Its export figures have reduced due to the global slump in commodities prices in 2015 but are recovering. Canada’s main export goods are agricultural products (including maple syrup), metals, and energy. The country possesses significant and recently discovered crude oil reserves, making it one of the leaders in oil resources (only outranked by Saudi Arabia and Venezuela), and thus an important player in the global oil market. As of 2020, Canada held a share of almost ten percent in global oil reserves.
Most of Canada’s workforce is employed in the services sector, and, except for 2020, its unemployment rate has been declining steadily and is expected to remain steady over the next few years.
All in all, the standard of living is quite high in Canada, guaranteed by a stable economy with a positive outlook and a well-organized healthcare sector and education system. This is evident in the continuously growing population figures, a rather stable fertility rate and a high life expectancy.
