Export Development Canada (EDC) released its fall Global Export Forecast, and expectations for 2019 show solid export growth across all provinces. Nationally, exports of goods are expected to grow another four per cent in 2019, following a six per cent boost this year.
“There have certainly been some ups and downs among the provinces this year,” said Peter Hall, Chief Economist at EDC. “It isn’t surprising, given the major economic and trade-related stories that Canadian exporters lived through during 2018. We expect conditions to stabilize in 2019, with growth forecast across every province and territory.”
Commodities and manufactured goods continue to make strong contributions to the bottom line. The Aerospace sector is still expected to see the biggest gains, rising 10 per cent in 2019 on the heels of a 19 per cent gain this year that saw foreign sales reach $19 billion.
In contrast, automotive exports will dip in 2018 before a modest bounce-back next year. While foreign sales of auto parts and heavier transportation equipment will be steady, exports of passenger cars and light vehicles are expected to fall slightly due to sales reaching peak levels in the US and related temporary plant closures.
Agri-food exports will slide by one per cent this year. This includes seafood, which, in spite of double-digit sales to China is generally supply-constrained. Growth should rise to four per cent in 2019.
The forecast for ores and metals has been downgraded slightly, but still sits at a strong seven per cent increase for 2018 with a further three per cent boost in 2019.
Export Development Canada (EDC) is a financial Crown corporation that helps Canadian companies of all sizes go, grow and succeed beyond Canada’s borders. We are international risk experts, equipping Canadian companies with the tools they need – trade knowledge, financing solutions, insurance and global connections – to take on the world with confidence. EDC also builds financial relationships with foreign buyers to generate opportunities for Canadian companies.
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