Canadian Chamber of Commerce Report

In this edition of 5 Minutes for Business, Hendrik Brakel, our Senior Director, Economic, Financial and Tax Policy, looks at the export revolution hiding behind the recession, which could actually be positive for Canada.

The first five months of export data show a 31% decline in oil, with natural gas falling 40% a devastating hit to Canadian exports. The big question is whether the positive effects of a weaker dollar and a stronger U.S. economy can make enough of a difference to offset this downfall. So far, Canada’s export manufacturers have ramped up production and are in overdrive. The strongest contributor to growth is the automotive sector, rising 9% this year thanks to a resurgent U.S. economy. And it’s not just autos; exports of machinery and equipment are up 9%, electronic equipment is up 15% and aircraft is up a staggering 33%. But, will this growth make up for the huge decline in energy?

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Angela About Angela

Hi, I am Angela Fiebelkorn, President of the Fort Simpson Chamber. You can contact us at fscofc@gmail(dot)com or call 867-695-6538.