Economy of the USA and Canada

The American economy is a market economy in the full sense of the word. The
share of the state in the US economy is minimal (about 28%) and is almost completely
exhausted by some state-owned companies (for example, the postal service).
Experts have already calculated that the US economy produces at least a
quarter of world GDP. This is a colossal figure. The United States has a leading
position in exports to other countries.
A distinctive feature of the US economy is a constant focus on scientific and
technological progress and advanced technology. It is a leader in the implementation
of the results of scientific and technical progress in production, in the export of
licenses for inventions and the latest developments. All this often leads to dependence
of other countries on the United States in the field of science and technology.

Sectors of the American economy

Agricultural.In the economic system of the United States of America, there
are three main sectors: agriculture (1% of GDP), industry (21%) and services (78%).
In each of these areas, America shows excellent results, often ahead of other states.
American agriculture is distinguished by the introduction of new technologies,
the use of scientific achievements, and the correct distribution of products. About 60
million tons of grain is exported, and the rest - for the domestic market, for use in
other sectors of agriculture.
Industry.The United States is the undisputed leader in the industry niche,
surpassing even China in this regard: $ 3.23 trillion. USD against 2.75. Despite the
growing role of the service sector as a sector of the economy, industrial production
continues to play a huge role in the United States. The food industry is diverse in
America. Traditional foods for the American domestic market: nut butters, maple
syrups, toast, soda. Export goods - confectionery (Skittles, Snickers), drinks (Coca-
Cola, Dr. Pepper), etc.
The extractive industry in America is characterized by the production of oil
(Texas), coal (Kentucky, West Virginia). America is the leader of the chemical
industry, the main regions in this case are Texas, Louisiana. Separately, it should be
said about mechanical engineering. America is one of the five countries in the world
for the export of cars. Suffice it to recall such car brands as Cadillac, Ford.
In the aircraft industry, the United States is also leading, although recently the
American Boeing has been facing competition from the French Airbus. In the space
industry, thanks to projects like SpaceX, Blue Origin, the United States is doing well.
Services sector... It is the sector of the economy that accounts for the largest
share of US GDP. The service differs from the goods in its intangible nature,
consumption at the time of its provision. The service sector forms the basis of the
post-industrial (information) society, which can be read about in any textbook on
economics. With a share of almost 80% in the US GDP, we can say that a full-fledged
post-industrial society has developed in America.
The most common and most advanced services in the United States are science,
medicine, education, tourism, advertising, catering, information and financial services.
Many people know how America relates to the provision of services. Wherever you
are, you will receive high-quality American service, they will not show disinterest in
you, and even more so, dissatisfaction. Therefore, the quality of service in the United
States is at its best. Only Hong Kong is ahead of America in terms of the share of
services in the economy, but it is not a state, it is a special administrative region of
China.

US trade relations
The United States occupies a leading position in the world in terms of exports
and imports of products. But the share of exported goods is lower than those imported
by the United States from abroad.
America trades mainly with the countries of the European Union, followed by
Canada and Mexico, as the country's closest neighbors. The export of goods to these
three countries alone brings America a profit of $ 800 billion.
American trade spans the entire world. Among European countries, the largest
turnovers are with the countries of Great Britain, Germany, France. In the Asian
region, business partnerships are maintained with China, Japan, India, and South
Korea. In addition to them, goods are exported to Latin America, the Middle East and
Africa.

Canada
Despite the fact that the service sector predominates in the Canadian economy,
the resource sector occupies an important place: the timber and oil industries. Industry
accounts for 30.7% of the total GDP.
The main industries in Canada are highlighted:
● Mining
● Timber trade
● Processing
● Chemical
● Energy producing
● Food
● Sewing
● Textile
The most important branch of the economy, giving more than half of the value
of marketable products, is the manufacturing industry. Mechanical engineering is
developing, in particular electrical engineering, non-ferrous metallurgy, woodworking
and pulp and paper industries.
Mechanical engineering in Canada mainly satisfies the domestic market and
accounts for about a quarter of the total value of the manufacturing sector. The
branches of the automotive industry, aircraft construction and agricultural engineering
are working for export.
Canada has a well-developed chemical industry, in particular, the production of
mineral fertilizers, sulfuric acid, rubber products, synthetic rubber, and plastics
dominates. Canada is one of the largest producers of potash fertilizers.
Thanks to the relief of the country's territories, Canada was able to build a large
number of hydroelectric power plants, which makes it energetically independent. It is
hydroelectric power plants that provide most of the energy.
With the development of modern technologies, knowledge-intensive industries
are becoming increasingly important. So, in Canada, the following areas were
developed:
● Production area of electronic and electrical equipment
● Telecommunications industry
● Manufacturing of equipment for industry
● Pharmaceutical industry
● Production of polymers, plastics and synthetic materials
Canada has a mixed economy; according to the Heritage Foundation index, it
has a lower degree of economic freedom than the United States, but higher than most
Western European countries. Economic integration with the United States increased
significantly after World War II. This has caught the attention of Canadian nationalists
who are worried about cultural and economic autonomy in an era of globalization,
while American goods and American media products have become ubiquitous.

Trade relations of Canada

The main directions of export of goods from Canada were:

● USA with a share of 75% (336 billion US $)

● China with a share of 3.93% (17.5 billion US $)
● United Kingdom with a share of 3.34% (14.9 billion US $)

At the same time, oil and petroleum products (15%), Cars (9%) and Gold (3.5%) were
mainly exported.

The largest trading partners for the import of goods into Canada are:

● USA with a share of 50% (229 billion US $)

● China with a share of 12.4% (56 billion US $)
 ● Mexico with a share of 6.14% (27 billion US $)

At the same time, they imported mainly cars and other motor vehicles (6%),
parts and accessories of motor vehicles of commodity items (4%) and motor
vehicles for the carriage of goods (3%).

Indicators of openness
USA 2020
Gdp 20932.8

Import 2405.4
Export 1430.3

Export quota 7%
Import quota 11%

Canada 2020

Gdp 1850.1
Import 405.4

Export 389.5
Export quota 21%
Import quota 22%

From the data presented, we can conclude that the Canadian economy is open,
and the United States is closed.