Putting its trade eggs in different baskets is translating into big growth for Manitoba exporters this year.
After posting a modest decline in 2016, one of the most diversified provinces in the country is poised to grow international opportunities by 5 per cent this year and 2 per cent in 2018, according to Export Development Canada’s semi-annual Global Export Forecast.
Growth will be fuelled by increasing opportunities in the U.S. – its main export market - as well as an upsurge in metals and ores, chemicals, in addition to machinery and equipment. Modest increases will be observed in a number of the province’s key sectors including agri-food, which accounts for more than one-third of the province’s exports, as well as aerospace and in large industrial automotive production will also help boost international sales.
“With the threat to globalization on the horizon, Manitoba is well positioned to weather the impending storm,” says Peter Hall, EDC Chief Economist and Vice President. “Diversification is the key ingredient for export success - it provides stability that the economy can rely on in volatile times like we’re experiencing right now.”
Currently, Canadian exporters are facing unprecedented risk in global markets due to an increasing trend that is threatening to dismantle globalization. Even as the globalized architecture of international commerce is being questioned in the geo-political space, EDC is convinced that trade business and foreign investments will continue to gain steam in the short term.
“This is a story of risk, opportunity, and what-ifs,” said Mr. Hall. “The uncertainty could easily frighten business into inaction. The ramp-up in business activity could make the decision to hold back a very costly one. The message that EDC has for Canadian companies is to stay in the game and win the contracts that others are shying away from.”
Mr. Hall is discussing export prospects for Manitoba as well as the nation May 10 at the Delta Winnipeg Hotel. Partnering with Manitoba Trade and investment, the event is part of a month-long, 13-location cross-country Let’s Talk Exports tour. The initiative highlights export prospects for Canadian companies around the globe in addition to providing insights into the health of the global economy and how it will impact Canadian exporters. For more information, visit EDC’s Global Export Forecast to learn more.
