NAFTA exit would hurt Ontario, New Brunswick more than rest of Canada, Moody's says

March 15, 2018

Provinces that rely heavily on NAFTA and cross-border activities would be harder hit than the Canadian economy as a whole should the free trade deal collapse, according to a new report from Moody's.

The ratings agency singled out New Brunswick and Ontario as having the highest exposure in terms of trade with NAFTA partners based on their "output and export mix."

It said that of all the provinces, New Brunswick's exports to the U.S. account for the largest share of its gross domestic product — nearly 30 per cent overall — with "significant exposure to higher-risk" food, agricultural commodities and forestry sectors.

Meanwhile, Ontario exports more to the U.S. than any other province, largely because of its significant exposure to the manufacturing industry, including the auto sector.

That could be a hindrance if the border tightens up, and Canadian companies have to deal with obstacles like tariffs.

This was excerpted from the 15 March 2018 edition of CBC News.

Topic(s)

Trade Agreements

Information source

Canadian News Channel

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