VANCOUVER, May 18 /CNW/ – British Columbia’s exports are forecast to increase 16 per cent this year and 11 per cent in 2012, according to a Global Export Forecast by Export Development Canada (EDC).
“British Columbia’s exports will continue to expand at a double-digit pace through 2012, the only province to hit this mark, thanks to a resurgence in the forestry sector,” said Peter Hall, Chief Economist for EDC, to an audience of 125 at the Marriott Pinnacle.
“B.C.’s strong performance is directly related to true recovery that will be occurring in the U.S. economy in early 2012. The province is also seeing strong underlying growth, the result of years of trade diversification. International sales will be bolstered by strong demand from emerging Asian markets, particularly China, which now represents 14 per cent of the province’s total exports.”
The province’s international export picture is led by three key sectors:
The province’s international exports from the forestry sector are forecast to grow 13 per cent in 2011 and 24 per cent in 2012. Continuing strong demand from China and the resumption of activity in the U.S. residential housing market will provide a substantial boost to exports of wood products through 2012. While the Chinese demand is expected to slow as authorities aggressively tighten monetary policy, B.C.’s exports to China will remain strong. Indeed, key sawmills have been reopened to exclusively serve the Chinese market.