Export Development Canada is predicting steady growth in the province this year and next, after B.C.'s export trade grew by 10 per cent in 2016; ores and metals, agri-foods and forestry are expected to do well in 2017
VANCOUVER—B.C. exporters face continued growth after a strong 2016, thanks to building momentum in the U.S. economy and ongoing success in high-growth emerging markets.
This is according to Export Development Canada’s semi-annual Global Export Forecast.
According to the report: after 10 per cent growth in 2016, U.S. performance and solid opportunities in emerging markets will boost B.C.’s export performance by a further 4 per cent in 2017.
EDC says that as the Chinese economy, the province’s second-largest export market, continues to adjust, B.C. will continue to benefit from the strengthening of its top export market, the U.S.
B.C. is expected to see an 11 per cent increase in ores and metals this year, with more moderate gains in the agri-food and forestry sectors.
The province’s exports are projected to grow by 3 per cent in 2018.
“B.C.’s trade diversification will pay dividends. Budding trade with India and Indonesia sets the province up to benefit from a long run of expansion. Global growth is well illustrated by the pattern of export growth in the province. Some may argue diversification is done; the numbers suggest it is bound to resume,” said Peter Hall, EDC chief economist and vice president.
EDC’s latest report has good news for the rest of the country and the global economy as well.