Ontario’s international exports, bolstered by metals and minerals, are expected to grow 8% in 2013 and 4% in 2014, according to a new report, Global Export Forecast, by Export Development Canada (EDC), Canada’s export credit agency.
EDC Chief Economist Peter Hall hailed a “timely boost” for a “double-digit surge in metal exports,” for Ontario’s growth at a recent investor meeting. Industrial goods, including minerals, metals and ores represent 34% of Ontario exports, according to EDC statistics. This week’s forecast for Ontario’s mining sector calls for growth of 15% and 2% in 2013 and 2014, respectively. “Ontario mineral producers can expect to ship a lot more volume in 2013, which will help to offset lower base metal prices,” Hall said.
Overall, “metals and mining will be the star performer on Ontario’s export stage this year,” said Hall. Gold production will jump by 20%, although nickel will be “muted.”
EDC’s semi-annual Global Export Forecast analyzes prevailing global export conditions including sector-specific insights for Canadian exporters seeking to advance their international portfolio while providing risk assessments. As Canada’s export credit agency, EDC helps Canadian exporters and investors expand through information and partnerships with 7,400 Canadian companies and global customers in up to 200 global markets annually.
