Recent January numbers for Canada’s exports and imports indicated an overall drop in the country’s trade deficit. As reported by Statistics Canada, the trade deficit decreased from $332 million in December 2012 to $237 million in January 2013. Overall exports rose for the month of January to $39.1 billion. This was mainly driven by the export of natural resources such as crude oil, bitumen and precious metals and alloys. TD Bank economist, Francis Fong, indicates that the major driver for economic growth in Canada for 2013 will be increases in exports, given that household and government spending is expected to remain moderate.
There are several government programs available to companies that support exports through financial support, advice and education. These programs include the Business Networks Program, Export Help! Program, Export Market Access (EMA), and Ontario Exporter’s Fund to name a few. Canada’s trade surplus with the United States increased from $4 billion in December to $4.3 billion in January. However, the trade deficit with the rest of the world totalled $4.5 billion in January, an increase from $4.4 billion in December 2012. If you are planning on expanding your market through export opportunities make sure you look into government initiatives that can assist in such endeavours.
