With a recovery in the aerospace sector taking flight, Quebec exports will soar after a negative performance last year, according to Export Development Canada’s semi-annual Global Export Forecast.
“While many may consider this to be a one-industry story, the prospects for Quebec’s diverse export sectors around the globe are bullish,” said Peter Hall, EDC Vice President and Chief Economist. “The province can expect international sales to soar courtesy of a low Canadian dollar, continued growth in the U.S. combined with new potential in markets beyond North America.”
After tumbling last year, the aerospace sector will rise by 4 per cent this year followed by a jump of 17 per cent in 2018, driving Quebec’s international sales up by 5 per cent this year and moving ahead of the national average at 7 per cent in 2018.
A surge in ores and metals, industrial machinery and equipment and forestry are also boosting Quebec’s exports in markets around the globe. A boost in the services and agri-food industries are also part of the good news story.
This is all happening amid heightened uncertainty, as voters around the world question the architecture of international commerce. However, given the concurrent significant increase in business activity, EDC is convinced that global trade and foreign investments will continue to gain steam in the short term.
“This is a story of risk, opportunity, and what-ifs,” said Peter Hall, EDC Senior Vice President and Chief Economist. “Businesses are faced with some of their greatest opportunities in the post-recession period, while shock-talk could cause a pause,” Mr. Hall added. “The message that EDC has for Canadian companies is to stay in the game and win the contracts that others have been frightened away from.”
Mr. Hall is discussing export prospects for Quebec, as well as the nation at the Omni Mont Royal in Montréal, May 2nd 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.
Export Development Canada (EDC) is a financial Crown corporation dedicated to helping Canadian companies of all sizes succeed on the world stage. As international risk experts, we equip Canadian companies with the tools they need – the trade knowledge, financing solutions, equity, insurance, and connections – to grow their business with confidence. Underlying all our support is a commitment to sustainable and responsible business. To help Canadian businesses facing extreme financial challenges brought on by the global response to COVID-19, the Government of Canada has expanded EDC’s domestic capabilities until December 31, 2021. This broader mandate will enable EDC to expand its support to companies focused domestically.
For more information and to learn how we can help your company, call us at 1-800-229-0575 or visit www.edc.ca.