Bloomberg the Company & Products

Bloomberg Anywhere Login

Bloomberg

Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world.

Company

Financial Products

Enterprise Products

Media

Customer Support

  • Americas

    +1 212 318 2000

  • Europe, Middle East, & Africa

    +44 20 7330 7500

  • Asia Pacific

    +65 6212 1000

Communications

Industry Products

Media Services

Follow Us

Canada Exports to Grow 9% This Year, EDC’s Hall Forecasts

April 23 (Bloomberg) -- Canada’s export financing agency says growth in shipments of goods abroad will quicken to 9 percent this year from 1.9 percent in 2012 as U.S. housing and business investment picks up.

The pace of export growth will slow to 5 percent in 2014, Export Development Canada chief economist Peter Hall wrote in a report today.

Canada sells three-quarters of its goods to the U.S., with lumber, machinery and energy goods among the most-important products. Exporters may benefit from higher orders because consumer and business demand is leading the U.S. economy as government spending is curtailed, according to the EDC report.

“Consumer spending is vibrant again, this time without diving into debt,” Hall said about the U.S. in a semi-annual Global Export Forecast. “Already in comeback mode, business investment has only just begun.”

U.S. growth will accelerate from 2.3 percent this year to 3.3 percent next year, according to the report. The world economy will grow 3.6 percent this year and 4.2 percent in 2014. Canada’s dollar will weaken to an average of 97 U.S. cents this year and 96 U.S. cents next year, EDC predicted.

EDC’s export forecast is more optimistic than the Bank of Canada’s assessment last week, which said exports are being hobbled by a strong Canadian dollar and the need for companies to invest more and regain competitiveness.

The agency’s forecast for 2.2 percent growth in Canada this year and 1.9 percent in 2014 compares with the central bank’s outlook for expansions of 1.5 percent and 2.8 percent.

To contact the reporter on this story: Greg Quinn in Ottawa at gquinn1@bloomberg.net

To contact the editors responsible for this story: David Scanlan at dscanlan@bloomberg.net; Christopher Wellisz at cwellisz@bloomberg.net

Please upgrade your Browser

Your browser is out-of-date. Please download one of these excellent browsers:

Chrome, Firefox, Safari, Opera or Internet Explorer.