Welcome to Our Ontario Chapter
Founded: 2022
Territory: Province of Ontario based in Toronto
Executive Director: Bernardine Perreira CFP® TEP (bernardine@maplecouncil.org) 2022-2024
Partners: Communitech Outposts, Ontario Trade & Invest, Consulate General of the United States, U.S. Foreign Commercial Service
Background: On the seventh anniversary of the founding of MAPLE Business Council in Southern California in June 2022, we announced the launch of our newest chapter - Ontario Led by Bernardine Perreira, a financial advisor and wealth manager with Perreira Wealth Advisory of Raymond James Ltd. Our Ontario Chapter will shine a spotlight on the opportunities for bilateral investment, trade and entrepreneurship between the the United States and the Province of Ontario.
Ontario - The Road Ahead
At our Southern California Fall Reception in September 2022, Consul and Senior Economic Officer for Ontario, Chelsea Peet, provided an overview of the Ontario economy. A recording of her presentation is available here.
And in May 2024, Aaron J. Pinto, Head of the Ontario Trade and Invest Office in New York profiled the Ontario market at our MAPLE New York Chapter Hybrid Spring Reception. Watch video here.
Growing Our Economic Ties
The economic relationship we enjoy is significant. Consider that:
Canada – United States
The United States and Canada enjoy the world’s largest and most comprehensive trading relationship that supports millions of jobs in each country and constitutes a trillion dollar trade and investment relationship.
Canada ranks as the top U.S. export market, accounting for 17.5% of all U.S. goods exports in 2023.
Canadian FDI in the United States was nearly $683.8 billion in 2022, making Canada the United States’ second-largest source of FDI.
The Windsor-Detroit border (Ambassador Bridge) is the busiest international crossing in North America. More than 40,000 commuters, tourists and truck drivers carrying $323 million worth of goods cross the Windsor-Detroit border each day.
In 2023, Canada and the U.S. shared one of the largest trading relationships in the world, with more than $3.5 billion worth of goods and services crossing the border each day.
Ontario – United States
Ontario and the U.S. are highly-integrated and we’re a major force in the North American economy. In fact, over two-thirds of Ontario’s global trade is conducted with the U.S. If Ontario were a country, we would be the U.S.’s third largest trading partner.
Two-way trade between Ontario and the U.S. totalled CAD $494 billion in 2023, accounting for over 50 % of the total merchandise trade between Canada and the U.S.
Nearly one in five Ontario jobs depend on trade, and $494 billion CAD in merchandise trade travels across the U.S. and Canadian border in Ontario every year.
Ontario was the #1 export destination for 17 U.S. states and the #2 export destination for 11 U.S. states in 2023.
The U.S. and Ontario supply chains are highly integrated, with more than a quarter of Ontario’s exports to the U.S. containing American import content.
Ontario accounts for 39 % of Canada’s economy, with a market of over 15 million potential customers.
The Ontario and U.S. automotive sectors are very strongly integrated. Ontario is the largest export market for both American assembled vehicles and vehicle parts. In 2023, Ontario-U.S. two-way automotive trade was CAD$138 billion .
According to CBoC: Toronto is the second-largest financial centre in North America, behind New York, and is ranked seventh globally, in employment. Major financial institutions and insurance companies have significant operations on both sides of the border.
The U.S. and Ontario steel sectors and manufacturing supply chains are highly integrated. The U.S. accounted for 96.6per cent (CAD$8.9billion) of Ontario domestic steel exports, while imports from the U.S. totaled CAD$6.0 billion in 2023.
About 81.5 % of Ontario chemicals exports go to the U.S., and a large portion of chemical manufacturers have connected operations across both jurisdictions.
Ontario - California
California two-way trade with Ontario: US$14.7 billion (2023)
California exports to Ontario: US$7.3 billion (2023)
In 2023, California ranked #1 in greenfield FDI to Ontario and #13 in FDI from Ontario with a total investment of CAD$292.0M and CAD$203.0M, respectively.
Among the States in the US, California ranks #7 in exports and has 4.0 % share of the province's total exports. It also ranks #87 in imports and has 4.0% share of the province's total imports.
California-Ontario highly integrated industries: Automotive, ICT, Film & Television, Cleantech, Biotech
Ontario’s #1 export to California is autos, which accounts for 20.7% of all exports from Ontario to California.
Canada is the fifth largest global trading partner for California, behind China, Mexico, Taiwan and Japan.
There are an estimated 190 Ontario-owned companies operating in the California.
There are at least 305 known California-owned businesses operating in Ontario.
Ontario – New York
We have 430 Ontario-owned companies operating in the Northeast that employ thousands of Americans. We export more to the region than to the UK, China and Mexico combined.
In 2023, Ontario exports to Northeastern U.S. states totaled $33.3 billion USD
801 Canadian-owned businesses employ 58,750 workers in New York
In 2023, New York ranked #2 in greenfield FDI to Ontario and #1 in FDI from Ontario with a total investment of CAD $284.0M and CAD$1,890.0M, respectively.
In New York there are 500,874 jobs supported by trade and investment with Canada
In 2023, Ontario and New York total trade was valued at CAD$42.2B.
Ontario’s exports to New York totaled CAD$20.1B with imports from New York at CAD$21.4 B
Of all the US states, New York ranks #3 in terms of exports from Ontario (accounting for 8.2% of the province’s exports from the US). It ranks #3 for imports from the US to Ontario (with a 8.9% share of the total imports from the US).
There are at least 290 known Ontario-owned companies operating in New York and at least 320 known New York-owned businesses operating in Ontario.
The Peace Bridge (Buffalo, NY – Fort Erie, ON) is the second busiest border crossing between the United States and Canada. USD $40 billion in trade crosses the Peace Bridge every year. Nearly 4.8 million autos (cars, trucks, buses) crossed the bridge in 2011.
Ontario’s top exports to New York include gold, autos, precious metals, coins, and silver.
Ontario’s top imports from New York include aluminum plates, precious metals, petroleum gases, paper, and motor vehicle parts.
