Canada's export markets need revitalization as recent trade data reveals a sharp slowdown in export growth, dropping from 21.2% in 2022 to just 1.4% in 2023.
The decline in goods exports, particularly in energy and metal products, has raised concerns about the country's economic resilience. Experts suggest that strategic efforts are necessary to enhance trade relationships and explore new markets, especially in the Indo-Pacific region, to stimulate growth and bolster Canada's economy moving forward.
Citations:
[1] https://www.international.gc.ca/transparency-transparence/state-trade-commerce-international/2024.aspx?lang=eng
[2] https://www.international.gc.ca/trade-commerce/economist-economiste/statistics-statistiques/monthly-mensuel.aspx?lang=eng
[3] https://www150.statcan.gc.ca/n1/daily-quotidien/240502/dq240502a-eng.htm
[4] https://www.ibisworld.com/canada/industry-trends/biggest-exporting-industries/
[5] https://sanctionsnews.bakermckenzie.com/canadian-international-trade-customs-update-winter-2024-export-controls/