This impact paper looks at the trends and prospects for Canada’s exports and imports, by industry and country.
Document Highlights
- Canada’s exports plunged in 2020 amid the global pandemic and will take until the second half of 2022 before real exports return to pre-pandemic levels.
- Canadian exports will post their biggest percentage gains in trade with the Asia-Pacific countries. But the United States will remain, by far, Canada’s biggest trading partner.
- The huge monetary and fiscal stimulus implemented by the U.S. Federal Reserve and President Joe Biden will result in a sharp rebound in economic activity south of the border, and this will boost export growth in Canada.
- At the same time, a stronger Canadian dollar will hurt growth in exports to the United States.
