British Columbia’s exports to Asia was higher than sales to the U.S. for the first time back in August of 2011. The increase was an increase of 11 per cent and B.C.’s jobs minister Pat Bell said Friday.
Only three years ago, America was the British Columbia’s main customer for its forestry products, industrial goods and energy products.
B.C. manufacturers are now moving their sales focus towards Europe and Asia as the United States economy slows down.
Pat Bell said “For the first half of the year we’ve seen a total of $6.9-billion worth of goods flow into the Asia marketplace, that compares to $6.8 billion into the United States,†after Statistics Canada released new export data. For the first six months of 2011, B.C.’s international merchandise exports were worth $15.9 billion, compared with $14 billion last year.
“Given the economic turmoil we’re seeing globally right now, it’s great to see,†Mr. Bell said.
Premier of British Columbia Christy Clark have already gone on a trade tour to China and India in November 2011 as a continued effort by the Canadian Government to open new trade and investment opportunities with Asia.
In light of the current American economic decline, it is wise for Canada to look elsewhere for trade (diversify), because the United States accounts for 70-80% of Canada’s exports. If for any reason going forward a few years, the U.S dips into further decline, Canada’s economy can take a huge blow which can lead to more Canadian businesses shutting down and unemployment.
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