EDC predicts 20% drop in exports before rebounding in 2021
Automotive, aerospace and energy are big contributors to the 2020 drop
OTTAWA — Export Development Canada is forecasting that exports this year will fall 20.3 per cent due to the COVID-19 pandemic.
In its updated global export forecast, EDC says exports will bounce back in 2021, but the predicted rise of 19% will leave them short of where they were in 2019 before the crisis.
The drop this year is expected to include a 30% plunge in automotive exports and a 33% drop in the energy sector. Aerospace industry exports are forecast to fall 35%.
Excluding the energy and auto sectors, exports are expected to be down 14 per cent this year.
Only two sectors are expected to show single-digit percentage declines.
The agri-food sector is forecast to fall eight per cent, while the consumer goods industry is predicted to drop 9%.