Discover the Reason why Canada is a Strong Economy | IWCMC

  • Discover the Reason why Canada is a Strong Economy

    July 20, 2020 By Orinda Posy 0 comments

    When talking about the international market of goods and services, it is undeniable that Canada plays a significant role in it. All in all, the imported and exported goods from Canada have a total accumulated amount of 1 trillion dollars while generating trade surplus exceeding over 50 billion dollars.

    How ICT is Helping Canada’s Economy to Grow?

    Historically speaking, the trade in Canada’s surplus goods are partially offset by the recurring deficits that are recorded in investment and services income sectors. Then again, the ICT sector or Information and Communication Technologies almost always posted surpluses with its international transactions of commercial services from the year 1997 to 2005 which ranges from 2.3 to 5.6 billion dollars per year.

    Existing balance of payments for Canada’s account is measuring the value of the economic transactions of the Canadian residents along with residents of several other countries. The surplus in trade merchandise is the biggest part of the total current account balance. Nevertheless, international transactions in services are crucial element off the account and it does comprise of 4 major categories which include:

    1. Travel
    2. Transport
    3. Commercial services and;
    4. Government services

    Among the 4, commercial services play the biggest category and are accounted for over 6.4 percent of exports and 7 percent of imports in Canada’s account in 2005.

    As a matter of fact, this category is covering a wide range of activities similar to insurance, architecture, management, licenses and fees as well as royalties and also information and informatics, technical and engineering services along with R&D.

    Going above and beyond

    Whether you believe it or not, a lot of the companies that are dealing in commercial services are working around the ICT sector. These said companies are comprising the different components of information and communications technology similar to software publishing, telecommunications and computer services. In fact, the sector is among the driving forces that is determining the intensity of trade balance in commercial services.

    Another reason why these firms succeeded was brought by the fact that they’ve taken advantage of blogger outreach service from OutreachMonks allowing them to reach a broader audience in their respective field and niches.

To Top