Canadian exporters are facing a rapidly changing tide. While the resources sector is encountering dampened demand and lower prices, the services and manufacturing sectors are experiencing renewed global appeal.
Which global markets will be important for Canadian businesses in this next trade era? This report takes a balanced approach and considers all countries of the world as Canada's most important future markets. We create two indexes—Country Potential Index and Canadian Engagement Index—and examine which countries score highly on both. We group “like” countries together in terms of their performance on both indicators taken together, highlight five tiers of importance, and look into country rankings by continent. The 25 countries we identify as Canada’s most important future global markets represent 80 per cent of the world’s GDP and 59 per cent of its population. While the United States is the most important foreign market for Canadian businesses, established markets in Europe and fast-growth PICSI countries (Peru, India, China, Singapore, and Indonesia) also emerge as important target markets.