Chart 3: Global trade in intermediate goods by NAFTA countries Total trade (imports and exports) of intermediate goods, annual, 1991–2014  $ billions  $ billions 800  800  700  700  600  600  500  500  400  400  300  300  200  200  100  100  0  0 1991  1993 Canada  1995  1997 United U.S. States  1999  2001  2003  2005  2007  2009  2011  2013  Mexico Last observation: 2014  Sources: World Integrated Trade Solution and Bank of Canada calculations  Trade in intermediate goods goes far beyond refined raw materials or minor parts to include full subsystems.
As with other financial intermediaries, insurers then become subject to demands for posting additional collateral or closing out positions as unfavorable market conditions take hold. In addition, if the positions of the insurance company are large enough, it could become a potential vehicle for transmitting distress at the company to other parts of the financial system.