Export Insights 2018: Strategies for trade in uncertain times
Expert strategies for international growth in the age of Trump, CETA and rising new markets such as China, Brazil and India
TORONTO—For Canada’s exporters, turbulence has become par for the course. But despite the rapidly changing global trade landscape, the Export Insights 2018 report shows Canadian exporters are among the best in the world at making inroads into new markets and are successfully competing against much bigger global enterprises.
Produced by CanadianManufacturing.com the report was unveiled at the Ontario Export Awards in Toronto last month.
Export Insights dives into some of the toughest issues Canadian exporters face today—from the possible end of NAFTA, to strategies for moving into new markets. And while it does not advocate a wholesale re-thinking of your export strategy in the wake of current events, it highlights a number of best practices to endure and prosper through the increasingly uncertain waters.
Among the findings:
- Just 13 per cent of respondents plan to adjust their current export strategy as a result of the election of U.S. President Donald Trump. However, only eight per cent expect their exports to grow under the new administration.
- A whopping 87 per cent of exporters recognize the importance of looking beyond the U.S. for future exports.
- More than half of the companies surveyed began exporting in the hunt for revenue growth.
- Currency fluctuations are regarded as the largest single exporting challenge, with 29 per cent of respondents citing it as a concern.
- Transportation and logistics issues were a close second at 27 per cent.
- Almost half of respondents ensure they get paid in a timely manner by requiring pre-payment by overseas customers.
- Just nine per cent of respondents said they experienced a major exporting failure in the last two years
- Direct sales managed from Canada is the preferred export strategy of 80 per cent of respondents.
Developed in partnership with sponsors SYSPRO Canada and Grant Thornton LLP, Export Insights highlights data from a national survey of nearly 350 Canadian industrial executives. The report is augmented by a roundtable discussion among Canadian exporters.