U.S. housing powers exports
Export Development Canada’s forecast for British Columbia’s export growth calls for a strong rebound of 10 per cent in 2013, after a slight decline of three per cent this year.
“Buckle up, because B.C. exports are on a roll thanks to the imminent U.S. recovery and steady growth in the Chinese market next year,” said Peter Hall, EDC chief economist. “Export growth in 2013 will be widespread, but explosive growth will give the forestry sector a commanding lead.”
B.C’s forestry sector accounts for more than 30 per cent of the province’s total exports, and is forecast to see 18 per cent growth next year, following a flat 2012 performance.
“The U.S. housing market is on the move for the first time since 2006,” said Hall. “U.S. housing starts are forecast to rise by an additional 40 per cent in 2013. This rebound is the real thing, and will give a significant boost to the province’s sawmills next year and beyond.”
B.C. led the country in growth of exports to emerging markets as a share of its total, which grew from 13 per cent in 2007 to 24 per cent in 2011.
In contrast, the global recession had a substantial impact upon B.C.’s export sector, with the number of exporters declining from 5,543 in 1999 to 5,077 in 2010.