Canadian Business says, “Canada’s exporters may be figuring it out: the future is in Asia.”
Merchandise exports to China continue to grow, and it is now Canada’s second-largest trading partner after the United States. Shipments of goods to India surged to a record in the third quarter, according to data released by Statistics Canada, and Asia’s third-biggest economy is on track to become Canada’s seventh-biggest market for merchandise exports. Canada shipped goods worth $1.45 billion to India in the third quarter, a 78% increase from the previous quarter and almost double the year-earlier amount. Through the end of the third quarter, Canadian goods exports to India were valued at $3.16 billion, slightly less than the $3.19 billion of goods sent to South Korea.
The countries that constitute the BRICS are no longer growing in a straight line north. China is slowing; Brazil and Russia are in recession; South Africa’s GDP will expand a mere 1.3% in 2016, according to the IMF. India alone retains some shine. It now is the world’s fastest-growing major economy, advancing at an annual rate of about 7.5%.
