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Free Trade Critical to Expanding Trade Opportunities for Both United States and Illinois - BMO
CHICAGO, October 3, 2012 – The Canada-U.S. Free Trade Agreement (FTA), signed 25 years ago, has played a critical role in the expansion of trade with our northern neighbors, both for Illinois and the United States as a whole, according to BMO Economics.
"Trade between Canada and the United States has grown at an annualized rate of 5 per cent since 1990," said Doug Porter, Deputy Chief Economist, BMO Capital Markets. "Despite currency fluctuations, global commodity prices, and two deep downturns, trade between the two countries has strengthened considerably since the start of the FTA."
"Trade between Canada and Illinois has increased at an annualized rate of 8 per cent since the FTA came into effect," said Chris McComish, Executive Vice President, Personal Banking, BMO Harris Bank. "Free trade has clearly been a success for Illinois businesses, placing them in a strong position for future growth."
Mr. Porter also noted that foreign direct investment between the two countries has grown considerably since the signing of the FTA. "U.S. direct investment in Canada has jumped from $63 billion at the end of 1988 to $319 billion by the end of 2011. As well, the stock of Canadian FDI in the U.S. has risen from $42 billion to $270 billion."
Canadian Trade Value With U.S. States (1990-2011) |
% chng a.r. |
WYOMING |
18.3 |
NEW HAMPSHIRE |
13.1 |
NEW MEXICO |
12.2 |
OKLAHOMA |
11.6 |
MONTANA |
10.6 |
NEVADA |
9.7 |
LOUISIANA |
9.0 |
NEBRASKA |
8.8 |
IDAHO |
8.6 |
KENTUCKY |
8.3 |
MINNESOTA |
8.2 |
TEXAS |
8.1 |
ILLINOIS |
8.0 |
WEST VIRGINIA |
7.9 |
NORTH DAKOTA |
7.9 |
SOUTH DAKOTA |
7.9 |
TENNESSEE |
7.8 |
IOWA |
7.7 |
ALABAMA |
7.7 |
ARKANSAS |
7.5 |
UTAH |
7.3 |
INDIANA |
7.1 |
RHODE ISLAND |
6.8 |
MISSOURI |
6.8 |
GEORGIA |
6.7 |
SOUTH CAROLINA |
6.6 |
ALASKA |
6.4 |
MISSISSIPPI |
6.3 |
ARIZONA |
6.1 |
NORTH CAROLINA |
5.9 |
WASHINGTON |
5.8 |
CALIFORNIA |
5.6 |
NEW JERSEY |
5.5 |
MARYLAND |
5.4 |
OHIO |
5.3 |
HAWAII |
5.2 |
FLORIDA |
5.2 |
OREGON |
5.1 |
PENNSYLVANIA |
4.9 |
WISCONSIN |
4.9 |
VIRGINIA |
4.2 |
VERMONT |
4.0 |
NEW YORK |
3.7 |
MASSACHUSETTS |
3.3 |
MAINE |
3.0 |
CONNECTICUT |
2.4 |
KANSAS |
2.3 |
MICHIGAN |
2.1 |
DELAWARE |
1.4 |
COLORADO |
0.7 |
About BMO Harris Bank
Based in Chicago, BMO Harris Bank N.A. provides a broad range of personal banking products and solutions through over 600 branches and approximately 1,300 ATMs in Illinois, Wisconsin, Indiana, Kansas, Missouri, Minnesota, Nevada, Arizona and Florida. BMO Harris Bank's commercial banking team provides a combination of sector expertise, local knowledge and mid-market focus throughout the U.S. Deposit and loan products and services provided by BMO Harris Bank N.A. Member FDIC. BMO Harris BankSM is a trade name used by BMO Harris Bank N.A. BMO Harris Bank is part of BMO Financial Group, a North American financial organization with 1,600 branches, and a retail deposit base of approximately $180 billion.
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