Thursday, February 25, 2010

EDC Facilitates $82.8 Billion in Canadian Trade With Record Number of Companies in 2009


Export Development Canada (EDC) today announced total business volume of $82.8 billion with a record 8,469 Canadian companies, despite a 24 per cent decline in Canadian exports in 2009.

"The recession and credit crunch constrained the capacity of financial institutions to fully support Canadian companies, triggering an increase in demand for our financial products in the last quarter of 2008 and throughout 2009," said Eric Siegel, President and CEO of EDC.

Last year, the Government of Canada asked EDC to increase the availability of domestic credit to Canadian businesses during the credit crunch. Working closely with private Canadian banks, Business Development Bank of Canada (BDC), credit insurers and sureties, EDC increased its capacity to serve Canadian businesses during the downturn, adding $2.5 billion in credit to the Canadian domestic market when it was needed most.

EDC's domestic activities directly helped 208 companies with their trade-related business in Canada during 2009. EDC will continue to support domestic transactions for the duration of its domestic powers. In addition, EDC increased the amount of business volume conducted in partnership with Canadian banks, BDC, sureties and other financial institutions both in Canada and internationally by 20 per cent, reaching $16.9 billion.

EDC's emerging market business volumes reached $18.7 billion, a decline of 15 per cent compared to 2008 but less than the overall decline in Canadian exports. Similarly, EDC's business volume for Canadian Direct Investment Abroad was $4 billion, a decline of 15 per cent compared to 2008. Read more here.