With Canada's automotive trade balance deteriorating rapidly in recent months, a recent study by the Canadian Auto Workers union says the country is on track to record its largest automotive trade deficit ever.
The report, called 'Canada's Deteriorating Automotive Trade Performance' statistically evidences our country's formerly impressive auto trade record being withered away.
In the first seven months of this year, Canada imported $4.3 billion more auto products than it exported for the same period. Experts say this years automotive trade deficit could reach $8 billion- easily representing the largest automotive trade deficit in history.
Though our largest deficit lies with Japan (exceeding $6 billion), we also purchase 183 times as much automotive value from Korea as we sell there, while imports from China and Korea are up by hundreds of percent in the past decade.
CAW president Buzz Hargrove points out damage caused by free trade agreements with other countries.
"Canada's auto industry is already facing unprecedented challenges, mostly as a result of one-way trade deficits with Asia and Europe" he said. "Korea has been one of the main culprits. Why on earth our own government would now reward Korea with even easier access to our markets is utterly beyond me. A free trade deal with Korea will take a bad situation and make it worse. The government should cancel these talks, and turn its attention to developing the well-rounded auto policy that we need."
photo:CAW
The report, called 'Canada's Deteriorating Automotive Trade Performance' statistically evidences our country's formerly impressive auto trade record being withered away.
In the first seven months of this year, Canada imported $4.3 billion more auto products than it exported for the same period. Experts say this years automotive trade deficit could reach $8 billion- easily representing the largest automotive trade deficit in history.
Though our largest deficit lies with Japan (exceeding $6 billion), we also purchase 183 times as much automotive value from Korea as we sell there, while imports from China and Korea are up by hundreds of percent in the past decade.
CAW president Buzz Hargrove points out damage caused by free trade agreements with other countries.
"Canada's auto industry is already facing unprecedented challenges, mostly as a result of one-way trade deficits with Asia and Europe" he said. "Korea has been one of the main culprits. Why on earth our own government would now reward Korea with even easier access to our markets is utterly beyond me. A free trade deal with Korea will take a bad situation and make it worse. The government should cancel these talks, and turn its attention to developing the well-rounded auto policy that we need."
photo:CAW