Canada has benefited from Asia’s seemingly-insatiable demand for natural resources over the last decade, with coal, iron ore, and oilseeds enjoying particular success. However, while Asia is now our second largest trade relationship, Canada only captures 1 per cent of Asia’s goods imports, compared with 2 per cent 20 years ago. In addition, growth in investment and commercial services is especially poor. So what can be done to build more Canadian presence in Asia?
With the commodity supercycle drawing to a close, Canada will need to adapt its export mix to grow—or even maintain—its market share in Asia. Fortunately, there are numerous industries in Asia with rapidly growing demand for Canadian exports, offering business opportunities for growth.
- Growth areas in the goods sector include: Vehicles & parts; pharmaceuticals; iron ore/steel; nickel; rubber; copper; lead; and niches within the food industry
- Growth areas in the services sector include: Health; education; finance & insurance; engineering & architectural; digital services; and supply chain logistics
Join Jacqueline Palladini, Senior Economist, as she presents the findings of this new Global Commerce Centre research into Canada’s performance in Asian markets and the opportunities that exist in this fast-growing region.