Nova Scotia’s exports will grow by six per cent this year and by four per cent in 2017, according to Export Development Canada’s (EDC) bi-annual Global Export Forecast.
The positive outlook is being driven by a weaker Canadian dollar and strong demand from the United States and China.
“Nova Scotia is having a very strong 2016 for exports, thanks to a thriving agri-food sector and strong motor vehicle and parts shipments,” says Peter Hall, EDC’s Chief Economist. Demand from the province’s two biggest export destinations, the U.S. and China, is rising rapidly to complete the good news story.”
EDC expects agri-food exports, which account for nearly 40 per cent of the province’s total exports, to rise by nine per cent in 2016 and five per cent next year. Despite China’s recent slowdown, the country remains a top export destination for seafood, particularly lobster. The province’s seafood exports will score a further boost when the Comprehensive Economic and Trade Agreement (CETA) with the European Union is ratified early next year.