19 January 2009

Canada exporters rate largest US market as 'risky'

This article is excerpted from the 16 January 2009 edition of “The Journal of Commerce”.

Canadian exporters for the first time see their largest business partner, the United States, as their riskiest market, according to a survey run by the Export Development Corp.

The EDC, … in a semi-annual report on exporters’ business confidence said there is "a growing sense of gloom."

The index of overall export confidence in Canada has fallen from 66.1 to 61.0 in the past six months, the lowest level since reporting began in 2000, the EDC said. Canadian exports overall are expected to slide 5.1 percent this year.

According to the EDC, "This survey saw the U.S. overtake Asia as the perceived riskiest market for the first time." The US market takes more than 75 percent of Canada’s exports….

The percentage of exporters expecting their foreign sales to remain the same or worsen jumped to 62 percent, the highest level ever, with 38 percent expecting them to worsen. …