Russia's Profile
Economic Indicators
- Gross domestic product (GDP) at purchasing power parity (PPP): US$3.4 trillion (2016)
- GDP per capita at PPP: US$23,200 (2016)
- Population: 144.3 million (2016)
- International merchandise exports and imports: 36.9% of GDP at official exchange rates (2016)
- Canada’s 41st largest merchandise trade partner (2016)
- Canada’s 22nd largest services trade partner (2015)
- Ease of Doing Business ranking: 40th among 190 countries (2016)
- World Competitiveness ranking: 43rd among 138 countries (2016)
Notable Trade and Investment Agreements between Canada and Russia
- Agreement Between the Government of Canada and the Government of the Union of Soviet Socialist Republics for the Promotion and Reciprocal Protection of Investments (1991: this agreement now binds Russia as the continuing state)
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Canada’s Merchandise Trade with Russia
Bilateral merchandise trade in 2016: $1.5 billion
- Exports: $607.0 million, a 1.1% increase from 2015
- Imports: $931.5 million, a 10.3% decrease from 2015
Trade deficit in 2016: $324.5 million, a decrease from $437.8 million in 2015
Exports in 2016: 0.1% of the total value of Canadian exports, unchanged from 2015
Imports in 2016: 0.2% of the total value of Canadian imports, unchanged from 2015
Highest-valued exporters in 2016:
- Ontario – $188.5 million, an increase from $155.6 million in 2015
- Quebec – $141.8 million, a decrease from $246.7 million in 2015
Exports in 2016:
- Resource-based goods – 6.6%, an increase from 3.3% in 2015
- Manufactured goods – 93.4%, a decrease from 96.7% in 2015
Highest-valued exports in 2016: Aircraft, and pet food and animal feed preparations, together accounting for 21.7% of the total value of Canadian exports to Russia
- Aircraft: $93.8 million, a decrease from $97.0 million in 2015
- Pet food and animal feed preparations: $37.9 million, an increase from $27.3 million in 2015
Imports in 2016:
- Resource-based goods – 2.8%, an increase from 2.5% in 2015
- Manufactured goods – 97.2%, a decrease from 97.5% in 2015
Highest-valued imports in 2016: Refined oil and rubber tires, together accounting for 31.0% of the total value of Canadian imports from Russia
- Refined oil: $198.0 million, a decrease from $322.0 million in 2015
- Rubber tires: $90.3 million, an increase from $84.4 million in 2015
Largest merchandise trade deficit in 2016: Metals, mines and energy, at $468.6 million
Largest merchandise trade surplus in 2016: Machinery and equipment, at $244.0 million
Canada’s Services Trade with Russia
Bilateral services trade in 2015: $1.1 billion
- Exports: $368.0 million, a 4.5% increase from 2014
- Imports: $690.0 million, a 7.0% increase from 2014
Trade deficit in 2015: $322.0 million, an increase from $293.0 million in 2014
Services trade deficit in 2014, the most recent year for which services data by type are available: Largely due to transportation and government services trade
- Transportation and government services exports: $84.0 million
- Transportation and government services imports: $409.0 million
Canada’s Foreign Direct Investment with Russia
Stock of Canadian direct investment in Russia in 2016: $3.5 billion, a 22.2% increase from 2015
Russia as a destination for Canadian foreign direct investment among the 120 countries for which data were available for 2016: 27th largest
Stock of Russian direct investment in Canada in 2016: $1.4 billion, a 47.2% increase from 2015
Russia as a source of foreign direct investment in Canada among the 55 countries for which data were available for 2016: 27th largest
Data on Canadian direct investment in Russia are not available for 2005
Data on Russian direct investment in Canada are not available except for 2000, 2001, 2008 to 2010 and 2012 to 2016
0.3% of Canada’s foreign direct investment stock was in Russia in 2016, unchanged from 2015
0.2% of the foreign direct investment stock in Canada was of Russian origin in 2016, an increase from 0.1% in 2015
Data on Canadian direct investment in Russia are not available for 2005
Data on Russian direct investment in Canada are not available except for 2000, 2001, 2008 to 2010 and 2012 to 2016
Definitions
Balance of payments-based data: Balance of payments–based data calculate trade flows using surveys of international trade and investment activity of firms and other entities.
Balance of trade: The trade balance is the difference between the value of exports and the value of imports. There is a trade surplus if the value of exports exceeds the value of imports. There is a trade deficit if the value of imports exceeds the value of exports.
Customs-based data: Customs-based data are compiled from declarations filed with the Canada Border Services Agency and are used to track the flow of goods into and out of Canada.
Foreign direct investment (FDI): FDI occurs when an investor residing in one country holds at least 10% equity in an enterprise resident in another country. The stock of FDI is the value of the accumulated equity owned by investors abroad; the stock changes from year to year based on flows of FDI.
Gross domestic product (GDP): GDP measures an economy’s total production in a given year. As one entity’s income is another entity’s spending, GDP is equal to the total value of final sales or to the total value of incomes.
Manufactured goods: Manufactured goods are finished or semi-finished products resulting from the transformation of materials and substances into new products (North American Industry Classification System, or NAICS, codes 31 to 33) and the output of establishments primarily engaged in operating electric, gas and water utilities (NAICS code 22).
Merchandise trade: Merchandise trade refers to trade in physical goods, such as cars, wheat and iron ore.
Purchasing power parity (PPP):To adjust for price differences across countries for identical products, a calculation of GDP that uses PPP assumes that a given product has the same price in each country.
Resource-based goods: Resource-based goods are products of the agriculture, forestry, fishing and hunting sector (NAICS code 11), as well as the mining, quarrying, and oil and gas extraction sector (NAICS code 21).
Services trade: Services trade is trade in travel, transportation and government, and commercial services. Travel services are goods and services purchased abroad by travellers, with one exception: cross-border transportation. Transportation services are the transportation of goods and cross-border travellers, and related services. Government services arise largely from official representation and military activities, and some governmental commercial activities. Commercial services are all other services, such as management, financial or engineering services; the category also includes charges for the use of intellectual property.
Notes
The Library of Parliament’s Trade and Investment series provides information on Canada’s trade and investment relationship with the world and with selected countries. It also describes the trade relationship of each of Canada’s 10 provinces and three territories with the world. In addition, it presents Canada’s merchandise trade relationship with each of the United States’ 50 states.
All figures were prepared using Statistics Canada data available in summer 2017.
The merchandise trade data are customs-based; the services trade data and foreign direct investment data are balance of payments–based.
Numbers in this profile have been rounded.
All dollar amounts are in Canadian dollars unless otherwise noted.
The five most highly valued merchandise export and import categories have been identified based on 2016 values.
In the Economic Indicators section, data for GDP at PPP, GDP per capita at PPP, population, and international merchandise exports and imports as a share of GDP are from the World Bank’s World Development Indicators database. The merchandise and services trade rankings are based on Statistics Canada data. The Ease of Doing Business ranking is from the World Bank’s Doing Business project. The World Competitiveness ranking is from the World Economic Forum’s Global Competitiveness Report.