After two years of impressive trade growth driven by global demand following pandemic restrictions, the outlook for international and Canadian trade is more restrained in 2023.
Sectors such as energy, fertilizers, ores, and minerals, which surged in price and export volumes over the last two years, are moderating, partly due to economic uncertainty and the Russia-Ukraine war.
Other major Canadian sectors, like advanced technology, consumer goods and services, will continue to grow, despite the weaker global economic outlook, as a depreciating Canadian dollar increases their competitiveness. Overall, though, aggressive central bank tightening and financial market contagion continue to pose downside risks to our outlook.
With global growth expected to reach only 2.4% in 2023 before improving to 3.2% in 2024, there are many challenges ahead for Canadian exporters.
Check out our Global Export Forecast for detailed insights and the significant risks and opportunities facing our exporters over the next two years.