Canadian Exporters Ride Resurgence in Global Trade

(CTV News)

Canada’s exporters are pushing deeper into diverse markets as global trade rebounds from the collapse of the crisis, positioning them to bolster the recovery at a crucial time.

After acting as a drag through much of the downturn, Canadian exports are now being buoyed by the global recovery, as a report from Statistics Canada on Tuesday signalled that international trade will add to growth for a second straight quarter.

Companies are relying less on their traditional U.S. markets, boosting shipments to countries such as Germany, Mexico, Britain, Turkey, Ghana, Hong Kong, Australia and Brazil, and finding stronger demand for their goods.

Trade has lingered as the biggest question mark hanging over Canada’s export-dependent economy, and exporters’ ability to expand their reach beyond the slowly healing U.S. market is widely viewed as a key to longer-term economic health. Growth in exports will be particularly crucial if rising interest rates cut into domestic spending. Read more here.