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📝 UK-Canada Trade and Investment Factsheet: Key Insights and Statistics (August 2024)

The trade and investment relationship between the UK and Canada is a significant component of both nations' economic landscapes. This factsheet provides the latest statistics and insights on trade and investment flows between the two countries, offering a comprehensive overview for businesses, policymakers, and analysts. The data presented here is up-to-date as of August 2024 and focuses on the performance of trade and investment during the four quarters leading up to Q1 2024.

📊 Trade Overview: UK-Canada Trade Relations

In the four quarters leading to Q1 2024, total trade (including both goods and services) between the UK and Canada reached £25.8 billion, a slight decrease of 1.1% compared to the previous year. Despite this decline, the trade relationship remains robust, with Canada ranking as the UK's 16th largest trading partner.

• Total UK Exports to Canada: £16.1 billion (+1.7% YoY)
• Total UK Imports from Canada: £9.7 billion (-5.3% YoY)

📦 Trade in Goods

Metric	Value (Q1 2024)	YoY Change
Total UK Goods Exports	£6.8 billion	-5.7%
Total UK Goods Imports	£5.1 billion	-17.6%
Top UK Goods Exported	Crude oil, Cars, Aircraft, Non-ferrous metals, Mechanical power generators
Top UK Goods Imported	Crude oil, Inorganic chemicals, Aircraft, Mechanical power generators, Cereals

Despite a decrease in goods trade, specific sectors, such as mechanical power generators, have seen substantial growth, highlighting the dynamic nature of UK-Canada trade.

💼 Trade in Services

Metric	Value (Q1 2024)	YoY Change
Total UK Services Exports	£9.3 billion	+7.8%
Total UK Services Imports	£4.6 billion	+13.6%
Top UK Services Exported	Other business services, Insurance and Pension, Financial, Travel, Telecommunications, computer and information services
Top UK Services Imported	Other business services, Travel, Transportation, Financial, Telecommunications, computer and information services

Services trade between the UK and Canada remains a strong pillar, with notable increases in exports and imports in key sectors, reflecting the evolving nature of service-based economies.

💼 Foreign Direct Investment (FDI)

In 2021, the UK had a substantial stock of foreign direct investment (FDI) in Canada, amounting to £40.6 billion, while Canada’s FDI stock in the UK was £42.4 billion. This highlights the deep financial ties between the two countries, with both playing significant roles as investors in each other's economies.

📍 Regional Trade Insights

The UK’s regions show varied levels of trade with Canada: