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International trade data – the basis for public and policy discussions on trade – are misleading and fail to capture the richness of globalized production. Goods and services are increasingly made with inputs from different countries. Services are increasingly traded. And Canada increasingly buys and sells both goods and services through foreign affiliates. Conventional analyses by contrast focus on final goods exports, ignoring or undercounting these other activities. Canada’s “Missing Trade” with Asia creates a broader measure of trade that takes better account of these activities. The report estimates what Canada’s trade with Asia looks like after correcting for underreported trade, foreign affiliate sales, and the increasing importance of services trade. With this “missing” trade included, Canada has a much more sizeable economic relationship with Asia than official data show. But the trends are discouraging: Canada underperforms by even more than official data suggest, particularly for services sales to Asia.

This report was produced by the Conference Board’s International Trade and Investment Centre that examines the implications of global economic dynamics for Canadian business and governments leaders. More on the Centre’s research, events, and membership