What Will Canada’s Trade Look Like in 2022? Canada’s Export and Import Forecast, by Main Trading Partners
The Conference Board of Canada, 16 pages
May 15, 2018
This briefing provides an overview of The Conference Board of Canada’s outlook for Canadian exports to and imports from its main trading partners, with a focus on the United States, the European Union (excluding the United Kingdom), the U.K., and China.
- Stronger economic activity in the U.S., faster expansion of the global economy, and a competitively low Canadian dollar will not be enough to generate a significant pickup in Canadian export growth this year.
- Canadian exports to its largest trading partner—the U.S.—are expected to grow only marginally this year before expanding at a moderate pace over the 2019–22 period.
- Canadian exports to the EU and China are forecast to grow faster than those destined to the United States. However, the global economy faces significant risks. For example, a global trade war could result from the U.S. decision to impose tariffs on steel and aluminum imports. That would hurt global economic activity and, thus, Canadian exports.
- Growth in consumer spending and investment in Canada is expected to moderate from the fast pace recorded last year, slowing the growth in imports from a range of Canada’s trading partners.