加拿大中国输出激增
Canada’s Chinese exports surge: China’s voracious appetite for natural resources drives 43% export jump, the G-7’s top growth rate
Canada’s exports to China may have “surged” during the first part of this year, but critics say Canadian trade with the Asian giant remains “pitifully” low and more must be done to diversify exports away from the United States.
According to yesterday’s Statistics Canada report, Canada’s merchandise exports to China in the first seven months of 2007 grew at “more than twice the pace of its imports” because of China’s voracious appetite for metals, energy, fertilizers and forestry products. The 43 per cent gain over last year’s period was the largest posted by any G-7 country, said author Diana Wyman.
“Canada is clearly benefiting from the magnitude of China’s demand for natural resources,” Wyman said. “The nation of more than 1.3 billion people is expanding its manufacturing base and building massive infrastructure projects, from ports and bridges to facilities for the 2008 Olympic Games.”
Exports to China nearly doubled to $8 billion between 2002 and 2006, the report added.
China and Japan are now tied “neck and neck” as Canada’s third-largest export markets, each with a 2 per cent share.
That compares with 76 per cent of our exports destined for the United States and 3.3 per cent for the United Kingdom.
David Detomasi, professor of international business at Queen’s University, said Canadian trade levels with China are very low, “so the fact that they’ve doubled doesn’t mean a great deal.”
To really tap China’s potential, Canadian companies must engage in more “inter-company trade” and that involves having a physical presence there to work with those firms.
“We do a lot of exporting of rocks, wood and oil but we don’t do a lot of the company stuff,” Detomasi said.
Chinese demand for those natural resources has also helped fuel the loonie’s meteoric rise. The currency cracked $1.10 (U.S.) earlier this week, but yesterday declined for the second-straight session.The current U.S. economic slowdown shows the need for Canada to deepen trade relationships with other countries, Detomasi said.
While the U.S. dwarfs other markets, China is leading Canada’s trade diversification, Wyman said. Between 2002 and 2007, the share of Canadian exports to countries other than America increased from 16 per cent to 24 per cent on contributions from all provinces.
“Ontario’s exports to countries other than the United States posted the largest gain of any province, rising nearly $20 billion since 2002,” the report said. “Ontario’s auto sector may have slowed, but the overseas demand for its nickel, gold, and uranium resources, as well as aircraft, high-tech and other machinery, is on the rise.”
However, a separate report yesterday cast a more clouded outlook for Ontario’s exports. Citing the strong dollar and weak U.S. growth, the Conference Board of Canada’s latest provincial outlook said Ontario’s economy would average growth of just 2.5 per cent for the next two years.
“The auto industry will remain sluggish as vehicle sales south of the border are expected to falter to a nine-year low,” the report said. “The fallout from the subprime mortgage crisis has dampened U.S. consumer spending, limiting growth in exports.”
Also yesterday, U.S. Federal Reserve chair Ben Bernanke warned U.S. economic growth could prove weaker than expected while the slumping greenback could make imported goods more expensive.
(c) TheStar.com
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