Canada Letter of Credit Transactions - Knowledge Bank 

Economy of Canada and International Trade at a Glance : 
  1. Gross domestic product of Canada is $1,82 trillion US dollars in year 2012. This makes Canada economy 11th largest economy in the world after USA, China, Japan, Germany, France, Brazil, Russia, Italy and India.  
  2. Canada is the world's 9th biggest importer with 474,80 billion US dollars import volume in year 2012 and 11th biggest exporter with 462,90 billion US dollars export volume in year 2012.
  3. International trade has been playing a significant role on Canada economy. Canada exports reached to 30% of its Gross Domestic Product in year 2012 according to IMF. These datas show  us that Canada is one of the most export oriented nations in the world.   

  1. Canada's exports have been higher than its imports since the beginning of last global economic crises. In year 2007 and 2008 Canada had a trade surpluses of 45.594,50 million USD and 43.669,60 million USD respectively. In year 2009 and 2010 trade surpluses turned into trade deficits. In year 2009 and 2010 Canada had a trade deficits of 6.773,40 million USD and 9.703,30 million USD respectively. In 2011 Canada exports and imports were almost equal so there was no significant trade surpluses or deficits. But in year 2012 Canada trade deficit climbed to 12.016,30 million USD. 


  1. Main export products of Canada : Energy, motor vehicles and parts, industrial machinery, aircraft, telecommunications equipment and electronics.
  2. Main import products of Canada : Machinery and equipment, motor vehicles and parts, electronics, chemicals, electricity and durable consumer goods.
  3. Biggest Export Partners of Canada : United States (79 percent), China, UK, Japan, Mexico, Germany, Netherlands. 
  4. Biggest Import Partners of Canada :  United States, European Union, China and Mexico.

Biggest Banks in Canada

Toronto Dominion Bank : Banque Toronto Dominion, or Toronto-Dominion Bank, was founded in 1955. It is commonly known as TD and it has 11 million clients in over 1,150 branches in Canada alone.
Assets : 862 billion USD    SWIFT Code: TDOMCATT

Royal Bank of Canada : The Banque Royale du Canada, or Royal Bank of Canada, was established in 1864 in Halifax. Its corporate headquarters are in Montreal, while the operational head office is in Toronto. It has 1,209 branches in Canada, 439 in six southeast states in the US and 127 in the Caribbean.
Assets : 860 billion USD    SWIFT Code: ROYCCAT2

Scotiabank (The Bank of Nova Scotia) : Banque de la Nouvelle Ecosse, or the Bank of Nova Scotia, is commonly called the Scotiabank. It was established in 1832 in Halifax after the Legislative Assembly of Nova Scotia incorporated it. In 1900, it moved its headquarters to Toronto. It markets itself as Canada’s international bank because of its acquisitions in the Caribbean, Latin America, Europe and India. It has a presence in 55 countries around the world, serving over 19 million clients.
Assets : 743 billion USD    SWIFT Code: NOSCCATT

Bank of Montreal : Banque de Montreal, or Bank of Montreal, is the oldest bank in Canada. It was formed in 1817 in Montreal. It is known as the BMO and it serves seven million clients over its network of 900 branches.
Assets : 538 billion USD    SWIFT Code: BOFMCAT2

Canadian Imperial Bank of Commerce : Banque Canadienne Imperiale de Commerce, or Canadian Imperial Bank of Commerce, was formed in 1961 in Toronto. It is commonly known as CIBC.It has a presence not only in Canada, but also in the United States, the United Kingdom, Asia and the Caribbean. In 2012, Bloomberg named the bank as the strongest in North America and the third strongest in the world.
Assets : 353 billion USD    SWIFT Code: CIBCUS33

National Bank of Canada : Banque Nationale du Canada, or the National Bank of Canada, was established in 1859 in Montreal. It is the leading bank in the Quebec region and is considered to be one of the strongest banks in the world. 
Assets : 156 billion USD    SWIFT Code: BNDCCAMM

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What are the key points of consideration when working with a letter of credit which is issued in Canada? 

You should understand Canada economy, Canada exports and imports as well as Canada banks before you proceed to work with a letter of credit which is issued in Canada.

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canada letter of credit
Parliamentary Constitutional Monarchy
Gross domestic product, PPP
$1.821,00 billion
Canadian dollar,  (CAD)
International Tel. Code
Figure 1 : Canada Export of goods and services (percent of GDP) ( Source : IMF)
canada exports gdp
Figure 1 shows Canada's export of goods and services percent of GDP between 2005-2012. Canada exports / Canada GDP will be as follows for the corresponding years:

2005 : 38,1%
2006 : 36,6%
2007 : 35,2%
2008 : 35,7%
2009 : 29,3%
2010 : 29,8%
2011 : 31,5%
2012 : 30,1%
Figure 2 : Canada Trade Balance (million USD)

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