Canadian non-resource exports should post healthy gains this year, the country’s trade financing agency said on Monday, a development the central bank is counting on to help revive an economy hobbled by weak global energy prices.
Export Development Canada predicted the consumer goods, automotive and aerospace sectors would post double-digit growth in 2016 on the back of a robust U.S. economy. Industrial machinery exports should advance by 7 percent, it said.
Overall exports are seen rising a modest 2 percent this year, held back by a 14-percent drop in the value of energy shipments. Canada is a major energy exporter and has been hit hard by slumping crude oil prices.
Peter Hall, the EDC’s chief economist, said while commodities are struggling, consumers’ need for homes, furnishings and transportation are rising again….