Canada can now put a price tag on its bitter diplomatic feud with China.
Exports to the Asian powerhouse plunged C$4.6 billion ($3.5 billion), or 16%, to C$24.4 billion last year, according to data released Wednesday by Statistics Canada. That’s the first decline in shipments to China since 2014, and the largest drop in data going back to 1997.
Last year’s export decline was led overwhelmingly by the drop in agricultural shipments, including canola, meat and other crops.
But even as shipments to the Asian nation fell, Canadian purchases of Chinese goods continued to grow. Imports from China were up 1% on the year.
Though the U.S. remains Canada’s largest trading partner, China is second biggest with two-way trade totaling C$71.2 billion in 2019.