Ontario’s export sales are set to grow by 15% in 2010 and a further 7% in 2011, led largely by vehicle and auto parts exports, according to the Provincial Export Forecast released by Export Development Canada (EDC).
EDC characterizes 2010 as a bounce-back year for Ontario, as the province will post strong growth rates. While the return to growth is a relief, EDC pointed out that the province’s manufacturing activity will remain suppressed through 2011 compared with past performance.
“Ontario has reason to celebrate its return to growth after four years of declining exports, but we should all keep in mind that even with 15% growth, Ontario is still more than 20% off its 2000 levels,” said Peter Hall, Chief Economist at EDC. EDC’s Global Export Forecast is available at http://www.edc.ca/gef.