Economy of United States and Canada

Klimenko A.
Sokolova V.
Gladkov M.
 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.
 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.
 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.

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.

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
 Sectors of the Canada economy

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
 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.
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%).