CALGARY — Export Development Canada says exports are growing significantly as both the U.S. and the global economy as a whole continue to improve.
The crown corporation reports that overall exports are expected to grow eight per cent in 2017, led by “massive gains” in the commodity space, and four per cent next year.
At $77 billion, EDC says oil and gas exports are forecast to have grown by 31 per cent, after production was hit last year by the Fort McMurray wildfire.
The boost from energy exports will make up half of the gains for the year, though EDC says that growth is expected to flatline in 2018 as high levels of global oil supplies come online.
Ores and metals are also seeing gains this year, with double-digit growth led especially by increases in iron ore exports, but lower prices expected next year for the metal means growth is expected to slow in the sector as well.
EDC says aerospace should also come out ahead this year after a weak showing last year, while forestry is expected to take a hit both this year and next from the ongoing softwood lumber dispute.
The Canadian Press