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Canada has a big problem which must be considered very seriously Their largest international trading partner the United States of America currently receives 803 of Canadas total exports while 73 of Canadas total imports come from the USA While this may seem favourable since the two countries are neighbours it is unwise for Canada to rely so heavily on one trading partner This leaves much room for other countries to start trading on a larger scale with Canada One international trading partner that Canada should focus on is Italy Italy has the worlds six-largest GDP 1200 trillion Euros and has several key industries including automobiles furniture clothing and textiles leather goods and footwear Marchese By Canada increasing its trading relationship with Italy they could diversify where they export and import and help improve their balance of trades Italy is located in southern Europe and is surrounded by the Mediterranean Tyrrhenian Ionian and Adriatic Seas Like Canada they are a democratic country with a mixed-market economic system The population is 576 million Italy has few natural resources which benefits Canada which is a large exporter of natural resources and raw materials This is shown since 17 of the top 25 exports that Canada trades with Italy are natural resources These exports give Canada 874547000 of the 1486820000 it receives in exchange for exports to Italy CAD While this is a significant amount it is only one-third of the amount that the United States makes off of exporting natural resources with Italy 2448091000 CAD If Canada increases its trading with Italy Canadas overall economic well being will improve since its Gross Domestic Product will have risen due to a surplus in the balance of trades Italy will also benefit from exporting from Canada rather than the US because the Euro is worth more in Canadian dollars rather than American dollars If Italy needs to pay 874547000 in Canadian dollars it will cost them 53688974050 Euros If
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