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France and us economix relations 20193/24/2023 ![]() ![]() This trend is set to accelerate with the implementation of the “Creative Export Canada” strategy. Canadian exports are growing steadily, reaching C$393 millions in 2018 (+43% since 2010), driven by the audiovisual, design, interactive media and publishing sub-sectors. Arts and cultural industriesįrance is Canada's fifth-largest export destination for cultural and creative industries. This is creating favourable conditions for Canada to reach the target set out in its International Education Strategy (IES). ![]() Brexit and the UK's exit from the Erasmus+ programme are also having significant repercussions on the French market. France has seen a 1.6% increase in students enrolled in higher education (HE), and this increase is putting higher education institutions under strain. Educationįrance is the third-largest source of incoming international students in Canada after China and India, and the largest among European countries. Although the sector is heavily regulated (labelling and health regulations) and fraught with market access issues, CETA has opened up opportunities for commodities, ingredients (fruits, proteins), a number of processed foods, and fish and seafood products. The strong increase recorded in 2020 was connected to canola exports, which rose sharply for both cyclical and structural reasons. The sector suffered a relatively limited negative impact as a result of the health and economic crisis, with the exception of products for restaurants and catering. Agriculture and processed foodĪgri-food (including fish and seafood) accounted for 23% of Canadian exports to France in 2020, up 51% from 2019. In addition, industrial ties between Canada and France in the space sector are experiencing renewed growth thanks to several large-scale projects. While the sector will continue to undergo profound changes in the coming years, bilateral trade is expected to continue to offer opportunities in the manufacture of commercial and military aircraft, helicopters and satellites. However, Canadian exports in this sector, which account for 23% of all Canadian exports to France, suffered a slight decline in 2020 (-9%) despite significant changes in their mix. The French aerospace industry, which was performing very well until 2019, has been hit hard by the 2020 health and economic crisis. Some of the measures announced could open up new opportunities, particularly in clean technologies and life sciences.Īpproximately 250 subsidiaries of Canadian companies have operations in France, covering a wide range of economic sectors such as aeronautics, ground transportation, industrial equipment, manufacturing, renewable and non-renewable energy production, agri-food, as well as health, engineering, telecommunications and digital technology, management consulting, and financial services. France has implemented strong economic support measures combined with a stimulus plan of €100 billion ($C153 billion) by 2022 ( France Relance ).Most observers are forecasting a sharp upturn as of 2021 (+6% according to the IMF), and a return to pre-crisis GDP levels sometime in 2022. In 2020, due to the covid-19 pandemic, France’s GDP fell by 7.9% in volume (Source: Insee).Its GDP of €2.3 trillion (C$3.5 trillion) represents 17% of the total GDP of the EU-27 (Source: Eurostat). France is the second-largest economy in the European Union.Within the EU-27, France is the seventh-largest destination for Canadian direct investment and the fourth-largest source of investment in Canada (Source: Statistics Canada).In terms of trade of services, France is Canada's leading partner in the EU-27 and fifth in the world ( Source: Statistics Canada).It is Canada's ninth-largest export market and eleventh-largest import partner (Source: Statistics Canada). In 2020, France remained Canada's ninth-largest global partner in trade of goods, and third-largest among the 27 countries of the European Union.Canada and France enjoy excellent bilateral relations based on shared values, a common history and language, as well as meaningful and strong political, economic and cultural ties.Stock of French direct investment in Canada: C$17.7 Stock of Canadian direct investment in France: C$11.6 Imports of French services into Canada (balance of payments basis): C$2.2 Imports of French goods into Canada (customs-based data): C$6.4Ĭanadian exports of services to France (balance of payments basis): C$2.9 Captions - Trade and Investments (C $, billions)Ĭanadian exports of goods to France (customs-based data): C$3.7
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