Expanding Trade Relations Between Florida and Canada

23 Aug, 2023

Expanding Trade Relations Between Florida and Canada

Florida's trade relationship with Canada is robust, extending beyond financial transactions. Annually, Florida imports $5.8 billion worth of goods from Canada and exports $5.3 billion. Over 530,000 jobs in Florida are connected to this trade, contributing to an $8 billion bilateral trade.

The Tampa–St. Petersburg–Clearwater Metropolitan Statistical Area (MSA) plays a crucial role, exporting goods valued at $765 million to Canada in 2021.

To strengthen ties, a roundtable discussion was held in Tampa, focusing on business through Tampa-Canada relations. This includes expansion into Canada or establishing Canadian business entities in Florida.

Noteworthy panelists, including Sylvia Cesaratto of Global Affairs Canada and BMO representatives, discussed various aspects, such as increasing business interactions and Canadian investment in Florida. A trend is emerging where Florida-based companies are engaging with Canadian counterparts, seen through flight route establishment and Canadian-owned businesses employing 58,000 Floridians.

Shared values and interests drive this partnership, resulting in $11 billion in bilateral trade and Canadian tourists contributing $6.5 billion to local economies. Nearly 600 Canadian companies with 2,500 locations in Florida and $60 billion in Canadian real estate holdings underscore the alliance.

The roundtable highlighted Codeboxx, a successful Canadian establishment in Florida. It emphasized tourism's role in attracting investment, and the significance of U.S. investment in Florida was evident through companies like Masonite.

The discussion also covered reshaping supply chains, banking relationships, and complex aspects like taxation and immigration. BMO facilitates seamless financial services for Canadians in the U.S.