Trade Recovery Hits Some Speed Bumps: Canada’s Two-Year International Trade Outlook

The Conference Board of Canada, 15 pages, October 21, 2020
Issue Briefing
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This quarterly economic forecast presents the medium-term outlook for the Canadian economy. This release focuses on international trade. For an overview of all major components of the economy, go to the Canadian Outlook main page.

Document Highlights

  • With the already battered global economy being threatened by a resurgence of COVID-19 outbreaks in many countries, a full recovery for Canada’s export sector is likely to be delayed.
  • A surge in COVID-19 during the fall months in Canada will dampen domestic demand conditions and take some steam out of the rebound in merchandise imports.
  • The outlook for trade in services remains bleak in the near term, as the threat of the COVID-19 pandemic in Canada and the United States keeps international borders closed to non-essential travel for an extended period.
  • The current account balance will see some improvement in 2021 but will remain in deficit throughout the forecast.

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