U.S. total exports of agricultural products to Canada totaled $24 billion in 2019, our 1th largest agricultural export market. Forest products amounted to more than 10% of Canada's total merchandise exports, averaging $45 billion per year in the five years ending 2005 . Much of Canada's oil production are in the provinces of Newfoundland and Labrador, Alberta, and Saskatchewan. Since 2009, wheat and canola have accounted for at least 50% of Canada’s total crop exports. Crop commodities2 made up just over three-quarters of that total. Moreover, the rewards for innovation, particularly in the digital economy, often accrue to the few who own the related IP. The Canada–US two-way merchandise trade is the largest bilateral trading relationship in the world, totalling $750.7 billion in 2014. Deficits Overall Canada incurred a -$6.6 billion trade deficit for 2019, down by -27.8% from the -$9.1 billion in red ink one year earlier. Overview: In August 2020 Canada exported C$39.7B and imported C$46.7B, resulting in a negative trade balance of C$7.03B.Between August 2019 and August 2020 the exports of Canada have decreased by C$-5.38B (-11.9%) from C$45.1B to C$39.7B, while imports decreased by C$-5.07B (-9.79%) from C$51.8B to C$46.7B. Canada’s largest exports Canada exported C$33.97 billion worth of ag commodities in 2018 1. The eastern portion of the country is the most industrialized but Vancouver, British Columbia, a major seaport, and Calgary, Alberta, are some western cities that are highly industrialized as well. Canada is a member of a number of international economic organizations including the WTO, the Free Trade Area of the Americas, and the Asia-Pacific Economic Cooperation (APEC) forum. One unofficial threshold for a country with a developed economy is a GDP per capita of $12,000. Trade Flows . Canada's major oil-producing region is Alberta as in 2015 it accounted for approximately 80% of the oil produced in Canada. Soy and pulses exports have accounted for an additional approximate 20 – 25% each year. Leading decliners in terms of consuming Canadian exports were Belgium (down -19.4%), China (down -17.7%) and Mexico (down -13.1%). While the United States and Canada generally cooperate on trade issues, there are a number of areas where the 2 countries have disagreements. Alberta also produces 75% of Canada’s oil and is important for coal and natural gas. In particular, Canada’s service sector, which has become an increasingly important source of exports, has created many new jobs paying above-average wages.13 But still, some workers have been left behind. Forestry is one of Canada's leading export sectors. Cross-border trade in services totalled another $119.3 billion. 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