Comparing the Economic States of Canada and Mexico

You are to research a country’s (assigned by teacher) economic state and compare it to Canada.   You are to research various economic indicators, tools and graphs and analyze their values.  You are then to explain this data in a manner that demonstrates you actually understand the data.  Finally, you are to provide your opinion and any recommendations you would provide.

So … REMEMBER, there are 3 parts to the content:
Research (third-party)
Interpretation/Analysis (third-party & YOU)
Opinion/Recommendation (YOU)

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Sample Answer

 

Table of Contents

 

Country Profiles. 3

Economy: System, Goods, and Services. 3

Gross Domestic Product 3

GDP (nominal) 3

GDP per capita. 3

GDP growth rate. 4

Exports and Imports. 4

Exports. 4

Imports. 5

Balance of Trade. 5

Recommendations. 5

References. 6

 

 

 

 

Comparing the Economic States of Canada and Mexico

Country Profiles

Canada is a country situated in the North American continent with its capital in Ottawa. According to current estimates, Canada has a population of around 38.2 million people (CEIC, 2021). Canada has a highly diverse population in terms of ethnicity, language, and religion. When comparing based on land area, Canada is the second-largest country on the planet behind Russia. Canada is considered a developed country. Mexico is situated on the North American continent with its capital in Mexico City. According to current estimates, Mexico has a population of around 130 million people (CIA, 2021). As such, Mexico is ranked the 10th biggest country by population in the world. Mexico is considered a developing country that is transitioning into a developed country. The report will compare Canada and Mexico based on select economic indicators.

Economy: System, Goods, and Services

Canada has a free market economic system that allows for the voluntary exchange of goods and services. The Canadian government has minimal interference in the economy. The private sector contributes the highest percentage to the GDP. Public enterprise exists in the form of public transportation, electric utilities, the postal system, and other public services. The sectors that are the biggest contributors to the economy of Canada are the oil and gas, agricultural, logging, services, manufacturing, and automotive sectors (IBIS, 2021). The industrial activities in Canada manifest a high degree of technology utilization and integration. Similar to Canada, Mexico has a free market economy. The Mexican government has a low level of interference in the economy. The private sector contributes the highest proportion to the GDP. The sectors that are the biggest contributors to the economy of Mexico are agriculture, energy production, mining, services, and manufacturing (Workman, 2021). The industrial activities in Mexico have a lower level of technology utilization and integration than Canada.

Gross Domestic Product

GDP (nominal)

Gross domestic product (GDP) is an economic indicator that measures the monetary value of all the goods and services produced in a country within a specified period. In 2020, Canada reported a GDP of $1.644 trillion (TradingEconomics, 2021). In terms of GDP, Canada ranks as the 10th biggest economy in the world in terms of the total value of goods and services produced in the country in 2020. On the other hand, Mexico reported a GDP of $1.076 trillion (Knoema, 2021). In terms of GDP, Mexico is ranked the 15th largest economy in the world. The GDP figures for the two countries show that the total value of goods and services produced by Canada is comparatively higher than Mexico’s by around $568 million.

GDP per capita

The GDP per capita economic indicator measures the value of each individual to the country’s GDP. Canada’s GDP per capita in 2020 was $46,000 meaning each person living in Canada contributed $46,000 to the economy (Georank, 2021). On the other hand, Mexico’s GDP per capita is $9,700 (Georank, 2021). The GDP per capita figures of the two countries show a wide disparity in the contribution of each citizen to the economy. The economic production value of Canadian citizens is almost five times higher than that of Mexican citizens.  Furthermore, the GDP per capita figures are an indicator that the citizens of Canada enjoy a higher standard of living than citizens of Mexico.

GDP growth rate

The GDP growth rate is a measure of the annual rate of increase in the country’s total value of production output. The GDP growth rate indicates how fast a country’s economy is growing. In 2020, Canada recorded a GDP growth rate of -5.313% as shown in Fig 1 below (Worldbank, 2021). In 2019 and 2018, Canada had a GDP growth rate of 1.861% and 2.43%, respectively. Over five years, Canada has reported a GDP growth rate average of 1.9%. On the other hand, Mexico recorded a GDP growth rate of 8.239% in 2020 as shown in Fig 1 below (WorldBank, 2021). In 2019 and 2018, Mexico recorded a GDP growth rate of -0.055% and 2.196%, respectively. Over five years, Mexico has recorded a GDP growth rate average of 2.6%. The GDP growth rate figures show that Canada is currently experiencing higher economic growth than Mexico. However, over the last five years, Mexico has experienced higher economic growth than Canada.

Fig 1: GDP growth rates of Canada and Mexico between 2010 and 2020. Source: World Bank

 

Exports and Imports

Exports

In Canada, the exportation of goods and services is 32.1% of the GDP of the country (Georank, 2021). The main commodities exported by Canada are crude petroleum, refined petroleum, metal and mineral products, automotive products including cars and car parts, and consumer goods (OEC, 2021). In 2020, Canada’s value of exports was $524 billion (StatCan, 2021). Canada’s main export partner is the United States. Other major export partners are China, the EU, Japan, and Mexico.

The exportation of goods and services is 39.3% of the GDP of Mexico (Georank, 2021). This shows that the economy of Mexico is more reliant on exports than Canada. The main commodities exported by Mexico are food products, agricultural products, crude oil, chemicals, automotive products, and machinery (Workman, 2021). In 2020, Canada’s value of exports was $434 billion (CIA, 2021). Mexico’s main export partner is the US. Other major export partners of Mexico are Canada, China, Brazil, and Spain. Therefore, both countries share the US and China as their main export partners.

Imports

In Canada, imports comprise 34.1% of the country’s GDP (Georank, 2021). The total value of imports to Canada in 2020 was $639 billion in 2020 (Statista, 2021). The main imports to Canada are consumer electronics, vehicles, refined petroleum, machinery, and pharmaceuticals (OEC, 2021). Canada’s main import partner is the US. Other major importers to Canada are China, Mexico, the EU, and Japan.

In Mexico, imports comprise 38.9% of the GDP of the country (Georank, 2021). Mexico imports a greater proportion of commodities than Canada. In 2020, the value of imports to Mexico was $411 billion (CIA, 2021). The main commodities imported by Mexico are refined petroleum, machinery and machine parts, cars, consumer electronics, and metallic products (Pines, 2020). Similar to Canada, Mexico’s main import partner is the US. Other major import partners are China, the EU, South Korea, and Japan.

Balance of Trade

For Canada, the value of imports exceeds that of its exports showing that the country has a negative balance of trade. In Mexico, the value of exports exceeds the value of imports showing that the country has a positive balance of trade.

Recommendations

The first recommendation is that Mexico should take steps to improve the effectiveness and efficiency of its industrial sector. For instance, Mexico should increase the application of technology in manufacturing. Such a change will increase the value of production and hasten the transition of Mexico into a developed economy. Secondly, Canada should take steps to reduce the trade deficit. Canada should improve production across its various sectors to reduce the volume of imports to the county and shift towards a positive balance of trade. Furthermore, both countries should reduce their overreliance on trade with the US by diversifying to new international markets.

 

 

References

CEIC (2021). Canada population. Committee on Electronic Information Communication.  https://www.ceicdata.com/en/indicator/canada/population

CIA (2021). Mexico. Central Intelligence Agency – World Factbook. https://www.cia.gov/the-world-factbook/countries/mexico/

Georank (2021). Canada and Mexico: Economic indicators comparison. https://georank.org/economy/canada/mexico

IBIS (2021). Biggest exporting industries in Canada 2021. IBIS World. https://www.ibisworld.com/canada/industry-trends/biggest-exporting-industries/

Knoema (2021). Mexico – Gross domestic product in current prices. https://knoema.com/atlas/Mexico/GDP

OEC (2021). Canada (CAN) Exports, imports, and trade partners. Observatory of Economic Complexity.  https://oec.world/en/profile/country/can#:~:text=Exports%20The%20top%20exports%20of,and%20Mexico%20(%246.18B).

Pines, L. (2020). Guide To Mexico’s Commodities Trade – Leader Of Tropical Fruit Exports [27% Global Share]. https://commodity.com/data/mexico/

StatCan (2021). Canadian international trade in 2020: A year without precedent. Statistics Canada. https://www150.statcan.gc.ca/n1/daily-quotidien/210414/dq210414a-eng.htm

Statista (2021). Total volume of imports of trade goods and services in Canada from 2000 to 2020. https://www.statista.com/statistics/463924/volume-of-imports-of-trade-goods-and-services-in-canada/

TradingEconomics (2021). Canada GDP. https://tradingeconomics.com/canada/gdp

Workman, D. (2021). Mexico’s top 10 exports. World’s Top Exports. https://www.worldstopexports.com/mexicos-top-exports/

WorldBank (2021). GDP growth (annual %) – Mexico, Canada. The World Bank. https://data.worldbank.org/indicator/NY.GDP.MKTP.KD.ZG?end=2020&locations=MX-CA&start=2010

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