Canadian exports up

by Array

OTTAWA: Businesses aided by Economic Development Canada (EDC) increased their level of exports into emerging markets last year.

In year-end figures compiled by the agency, EDC reports in total 7,787 companies grew their international trade by 22 percent in 2011.

That figure increases to 26 percent when looking only at exports and investments in emerging markets. Leaving out the investment portion, emerging markets accounted for a record 30 percent of EDC-facilitated trade by Canadian companies.

Broken down by country, EDC-aided companies recorded $8.5 billion in business in China, $2.8 billion in Brazil, $2.5 billion in Mexico, $2.4 billion in India and $1.9 billion in Turkey.

Other key figures noted by EDC include:

  • 937 financing transactions to a value of $14.6 billion, representing nine percent growth over 2010.
  • 6,259 Canadian companies insured more than $88 billion in export contracts with EDC, covering nearly 74,080 buyers in more than 195 foreign markets.
  • $3.1 billion in commercial solutions provided by EDC for 285 Canadian exporting companies in 2011, including $2.5 billion in direct financing for 96 companies, more than $454 million in domestic bonding and $146 million in domestic credit insurance.