NEW BRUNSWICK SHINES
According to Peter Hall, chief economist with Export Development Canada (EDC), New Brunswick will see the country’s biggest increase in exports this year with an 18 per cent jump.
The numbers were part of a provincial export forecast released late last week by EDC, which is an agency that assists Canadian exporters and investors expand their international business. The report forecast another 8 per cent increase in exports for New Brunswick in 2011.
Although Hall said the increase was “powered by higher energy prices and the first full year of production at the LNG regasification plant,” he also noted New Brunswick’s exports will benefit from, “better fundamentals for pulp and wood products segments.”
According to a news release issued by EDC, the forestry sector represents 12.7 per cent of the province’s total exports, and EDC forecasts the sector to rebound by 24 per cent in 2010, followed by another 9 per cent in 2011.
“Exports from the forestry sector will also see strong growth this year, as a result of higher prices for various commodities and better demand prospects,” said Hall. “Of the main sub-sectors, pulp exports will record the largest increase in 2010, with pulp prices advancing firmly.”
On the solid wood side, Hall said, “New England’s housing sector is relatively better off than the U.S. average, positioning New Brunswick wood product exporters to outshine the rest of Canada.”
EDC says Canadian exports are forecast to rise 11 per cent in 2010 and 7.6 per cent in 2011. Nationally, economic growth is expected to rise 2.5 per cent in 2010 and 2.9 per cent in 2011. Internationally, EDC is forecasting global growth of 3.7 per cent in 2010 and 4.2 per cent in 2011. EDC’s Global Export Forecast is available at www.edc.ca/gef.
|
