What caused Canada to experience a trade deficit in 2009?
Understand the Problem
The question is asking about the factors that led to Canada having a trade deficit in the year 2009, which may involve economic analysis and historical context surrounding trade balances.
Answer
Falling crude petroleum exports and automotive sector difficulties caused Canada's trade deficit in 2009.
Canada experienced a trade deficit in 2009 primarily due to falling exports of crude petroleum and difficulties in the automotive sector, leading to a reduction in the trade surplus with the United States.
Answer for screen readers
Canada experienced a trade deficit in 2009 primarily due to falling exports of crude petroleum and difficulties in the automotive sector, leading to a reduction in the trade surplus with the United States.
More Information
In 2009, Canada's trade balance was significantly impacted by external demand fluctuations, heavily influenced by its reliance on the US market.
Tips
A common mistake is to overlook external impacts such as global economic conditions. Consider local production impacts and changes in major trade partners.
Sources
- Canada's Trade Deficit Swells to a Record - The New York Times - nytimes.com
- International trade - Statistique Canada - 50.statcan.gc.ca
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