A new report predicts every Canadian province will see exports grow at various rates by the end of 2017.
Export Development Canada says that while some provinces may see a drop for 2016, they will all return to growth by the end of the following year.
The Global Export Forecast predicts a favourable economic climate in the US will boost Canadian coffers, with Americans buying everything from French fries in Prince Edward Island to vehicles in Ontario.
“Higher US demand and a much weaker Canadian dollar are sparking Canadian sales in a large number of key industries,” said Peter Hall, EDC’s chief economist.
“Canadian exports will see more tangible benefits of our depreciated dollar starting immediately and continuing through the near-term period.”
PEI is set to lead the export growth, with a total gain of 13 per cent by the end of 2017. French fries, lobster and pharmaceuticals will be key products in the US and Asian markets, the report suggests.
Nova Scotia, Quebec and Ontario are also set to see solid growth in both 2016 and 2017.
Car tires and seafood are expected to drive Nova Scotia’s advance, while the aerospace sector is key to Quebec and vehicles and parts in Ontario.
|Project export growth by province |
(Figures: Export Development Canada)
|Newfoundland and Labrador||-11%||18%||7%|
|Prince Edward Island||7%||6%||13%|
Hall said: “The fastest growth is reserved for auto sector and consumer-based exports – they are carrying the most rapid growth into 2016, and have a very promising outlook.”
Manitoba is next on the list, with EDC projections suggesting a 9 per cent boost, driven by sales of pork meat, live pigs and manufactured goods.
British Columbia should see a more modest 7 per cent growth due to deceleration in the Chinese market and the weakness of global commodity prices.
In Newfoundland it’s a different story, with exports set to shrink by 11 per cent in 2016, before rebounding 18 per cent in 2017, mainly linked to a projected commodity price recovery.
It’s a similar trend in Alberta, where a 10 per cent reduction in 2016 exports is expected to be followed by a 14 per cent boost in 2017.
Saskatchewan (5 per cent) and New Brunswick (3 per cent) are both expected to see modest growth.
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