Factoring Importers – Canadian Goods

factoring importersAt Paragon Financial, we work with importers bringing in goods from Canada providing their businesses working capital to succeed.  Quickly and efficiently leveraging purchase order financing, cash against documents funding, accounts receivable financing and credit protection.

Below are several interesting facts about Canadian goods being imported into the U.S:

Canada ranks #2 behind China for the most imports into the U.S.   U.S. goods imports from Canada totaled $332.1 billion in 2013(the latest statistics available), a 2.5% increase ($8.1 billion) from 2012, and up 50% from 2003. In fact, U.S. imports from Canada are up 308% from 1993 (Pre NAFTA). Additionally, U.S. imports from Canada account for 14.7% of overall U.S. imports.

U.S. imports of agricultural products from Canada totaled $21.8 billion in 2013, our largest supplier of Ag imports. Leading categories: snack foods (including chocolate), ($3.2 billion), red meats, fresh/chilled/frozen ($1.9 billion), other vegetable oils ($1.7 billion), live animals ($1.7 billion), and processed fruit and vegetables ($1.4 billion).

U.S. imports of private commercial services* (i.e., excluding military and government) to Canada were $29.8 billion in 2012 (latest data available), up 4.8% ($1.4 billion) from 2011, and up 66% from 2002 level. It was up 227% from 1993 (Pre-NAFTA). The other private services (business, professional and technical services), and travel categories accounted for most of U.S. services imports from Canada.

Top 10 US Imports from Canada

  1. Oil: $119.8 billion
  2. Vehicles: $56.3 billion
  3. Machines, engines, pumps: $21.1 billion
  4. Plastics: $11.4 billion
  5. Wood: $8.8 billion
  6. Electronic equipment: $8 billion
  7. Aircraft, spacecraft: $8 billion
  8. Aluminum: $7.4 billion
  9. Paper: $7 billion
  10. Gems, precious metals, coins: $6.6 billion

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