Economic Development Canada Expects Booming Exports to Lift Local Economy
The Windsor Star/Grace Macaluso
The Windsor and Essex County economy stands to benefit from increasing global demand for food and manufactured goods, according to Economic Development Canada.
“Ontario is a trading province and Windsor is a trading region with one quarter of Canadian trade passing through the city,” said Peter Hall, EDC chief economist. “This speaks loudly to the fact that this is trade’s moment, which is very good news for Windsor.”
Ontario’s export sector is set to grow by six per cent this year over 2013 and seven per cent in 2015, thanks to accelerating U.S. demand and a weaker loonie, said Hall.
About 78 per cent of Ontario’s 18,681 exporters sell to the U.S., while the total share of the province’s exports to emerging markets has increased to seven per cent in 2013 from five per cent in 2009, said Hall.
“Ontario has struggled to grow its exports in the post-crisis period,” said Hall. “A positive about-face is expected this year as global businesses get back into investment mode. The weaker Canadian dollar, expected to hover around 93 cents (US) this year and 92 cents next year, will help kick-start export growth.”
While shipments of metal ores and international sales of industrial machinery will be the main drivers of export growth through 2015, the agri-food sector will also perform well, said Hall.
“The agri-food sector is a real sleeper story in the provincial export picture,” he said. “Ontario is Canada’s top province for agricultural output and is well positioned to feed our increasingly hungry world.”
Hall said the Windsor-Essex region can expect more announcements like the $25-million deal between Maidstone-based Thomas Canning and a Nigerian company. Read More...