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Canadian Trade on Track for Healthy Growth

Posted August 28, 2014

Under Economic Issues, International Trade Issues

(Mark Szakonyi – JOC)

Canadian export growth is slated to rise to 4.7% this year and 7.7% in 2015, as global and particularly U.S. demand builds, non-energy shipments rise, and the Canadian dollar weakens, according to the Royal Bank of Canada.

That predicted increase in exports comes after outbound shipment growth of just 2.2% last year compared with 2012, said Dawn Desjardins, assistant chief economist at the Royal Bank of Canada. Canadian import growth, however, is expected to take a bit longer to heat up, with inbound shipments slated to expand this year only 1% from 2013, following a 1.1% gain last year. Desjardins expects Canadian imports in 2015 to rise 5.1% year-over-year. Global trade volume growth has accelerated, but the pace has been “disappointing” this year. Trade has been expanding at a pace of roughly 2.75% compared to a historical pace of about 4.75%. Read more here.