U.S. recovery, Asian demand to boost Canadian exports
VANCOUVER—Western Canada will lead the country in export growth, according to a new forecast from Export Development Canada.
British Columbia’s exports will jump 16 per cent this year and another 11 per cent in 2012—making it the only province to post double-digit growth.
EDC economist Peter Hall says most of B.C.’s export growth will stem from its resurging forestry sector, but also strong energy and industrial goods markets.
“B.C.’s strong performance is directly related to the true recovery that will be occurring in the U.S. economy in early 2012,” Hall says.
The province will also continue to reap the rewards of years of trade diversification, with Asian markets now representing 14 per cent of its total exports.
Exports will also be strong in Saskatchewan and Alberta while Ontario should see a 14 per cent increase this year.
The report says Ontario’s resource and manufacturing sectors will regain some of their past losses, although firms will continue to struggle with the high dollar.
Canada’s GDP will grow 2.7 per cent this year and 2.4 per cent next year.
Sector-by-sector outlook for 2011: