The following is excerpted from a 30 May 2013 commentary by Peter G. Hall of EDC.
Mention Canada to an international crowd, and immediately they think commodities. Far less is known about our prowess in higher value-added goods and services. Machinery and equipment is one of the lesser-known and under-appreciated export industries, yet it boasts decent trend growth and an enviable breadth of destinations. Does the higher Canadian dollar spell the end of this industry's good run, or will nascent world growth re-ignite its prospects?
The last global economic cycle was a particularly long one, and towards the end it put big demands on machinery and equipment providers. Canada's industry capitalized on the good times, growing exports by 6 per cent annually between 2003 and 2008, slightly above the all-industry average. Recession saw sales collapse in 2009, but by much less than other exports. Since then, weak global investment has held annual growth to a more modest 4.3 per cent annually.
This commentary is available in its entirety at:
http://www.edc.ca/EN/Knowledge-Centre/Subscriptions/Weekly-Commentary/Pages/machinery-an-export-powerhouse.aspx
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