Canada Ends 2014 with Double-Digit Export Growth and Trade Surplus
For the first time, Canada’s two-way trade surpassed $1 trillion, at nearly $1.1 trillion
February 5, 2015 – Ottawa, Ontario – Foreign Affairs, Trade and Development Canada
International Trade Minister Ed Fast today issued the following statement on Statistics Canada’s release of preliminary 2014 merchandise trade data:
“The significant export growth seen in today’s report, reaching double digits, at 10.3 percent, is good news for all Canadians.
“Following the worst global economic recession since the Great Depression, our low tax, balanced budget and pro-export plan is delivering positive results. While the global economy remains fragile and uncertain, Canada recorded a trade surplus of $5.2 billion for 2014.
“Economic and financial security, creating and protecting jobs—including in the export sector, and lower taxes for hard-working Canadians and their families, these are the priorities of the Harper government.
“2014 was the most successful year for trade in Canadian history, with the conclusion of the historic Canada-European Union trade agreement and the landmark Canada-Korea Free Trade Agreement. These accomplishments provide world-class Canadian products with preferential access to more than half of the world’s economy, laying the foundation for future export growth, while protecting and creating jobs.
“In 2015, under Canada’s Global Markets Action Plan [GMAP], our government will continue to deliver the support and tools to help our Canadian businesses, especially our small and medium-sized enterprises [SMEs], reach their full export potential. Since their launch last November, I have held seven Go Global export workshops, which were attended by more than 500 SME representatives, and I will host more than 20 in the upcoming months to continue to boost exports and ensure that businesses seize the opportunities created by Canada’s trade agreements.
- Canadian exports to the world jumped more than 10 percent compared to 2013, reaching almost $529 billion in 2014.
- Canada has recorded a trade surplus of $5.2 billion, compared to a deficit of $7.2 billion last year.
- Canada’s exports to the United States reached more than $400 billion in 2014, an 11.6-percent growth.
- In 2014, exports to the European Union grew by 14.6 percent.
Office of the Honourable Ed Fast
Minister of International Trade