Association of Washington Business’ Post

Canada’s international trade posted new records again in 2022. Increasing by 21.2% during the year, goods and services exports reached a record $940.4 billion. With exports progressing faster than imports, Canada posted a goods and services trade surplus amounting to $4.1 billion in 2022. Moreover, Canada’s trade-to-GDP ratio was 67.4% in 2022 – the highest level in sixteen years.

#StateOfTrade2023 Advanced economies, and emerging markets and developing economies saw growth slow to 2.7% and 4.0% in 2022, respectively. Overall, global economic growth advanced by 3.5% in 2022, following the 6.3% rebound witnessed in 2021.

📣 It is important to read the 2023 State of Trade Report of Canada ⬇️ Throughout the year, inflation continued to accelerate. According to the Minister, halfway through the year, Canada's headline inflation reached a 40-year high on an average annual basis. Goods and services inflation were too high, averaging 8.7% and 5.0% in 2022, respectively. Also, the Bank of Canada had raised interest rates to 4.25% by the end of 2022, and it is not in the report, but it's important to mention that minimum wage will increase in October 2023, and it is expected to be reviewed yearly. The report shows that increasing by 21.2% during the year, goods and services exports reached a record $940.4 billion. With exports progressing faster than imports, Canada posted a goods and services trade surplus amounting to $4.1 billion in 2022. Moreover, Canada’s trade-to-GDP ratio was 67.4% in 2022. Globally, stronger than expected spending in many advanced economies, the easing of supply chain issues, and the success of countries in finding alternative suppliers for goods impacted by the war (e.g., gas, cereals, wheat) all helped to avoid a faster deceleration of trade in 2022 (WTO, 2023). I must confess that it caught my attention that the report does not mention at all the relationship and/or state of environment and sustainability in the Canadian economy and trade 🌳 Have a good day! Henmary (Emma)

The 2023 State of Trade Report is out! In 2022, Canada’s goods and services trade reached a record high of nearly $1.9 trillion. 📈   Canada is committed to ensuring that the benefits of trade reach every Canadian. This year's report focuses on our inclusive trade strategy, highlighting the opportunities and challenges faced by underrepresented exporters.   Learn more about Canada’s economic performance and the benefits of inclusive trade: https://ow.ly/KnLY50PQjy5   #StateofTrade #Trade #Export #GlobalGrowth #InclusiveTrade   Global Affairs Canada | Affaires mondiales Canada

Useful package of recent trade data to sprinkle into your conversations - the impacts of the pandemic and the Ukraine war are clear in the numbers and show it is important to keep up and not make assumptions based on the before times….#cdnecon

The Global Economic Outlook for 2024/2025 ICTF - The Association of International Credit and Trade Finance Professionals with Stuart Bergman Export Development Canada | Exportation et développement Canada

Canada’s trade infrastructure needs work! Over 90% of Canadians think trade is important to Canada’s economy but just 9% think our trade infrastructure is in good shape. What’s needed now is a nation-building, long-term Canada Trade Infrastructure Plan (CTIP/PICC). #YestoCTIP #cdnpoli #InternationalTrade #ISupportCTIP Learn more👇 https://ow.ly/veZ850PRXLE Ipsos in Canada

JUST MORE DUPLICATION WON'T HELP TRADE & INVESTMENT PM Anthony Albanese should take a lot of credit for his determination to upgrade Australia's presence and influence in Asia. But the PM's announcement late last week that the federal government will spend $95 million to establish a new 'deals team' throughout Asia - to help business create new opportunities into regions other than China – is just another example of duplication and a waste of taxpayer money.    Of course Australia must seek to diversify and expand into new markets in an effort to reduce our over-reliance on China. But the plan to create these specialist teams, overlooks the fact that we already have high quality 'deal teams' in place. It's run by the Australian Government Trade and Investment Commission, called Austrade, who have an extensive network of international specialists, and experienced high quality facilitators, who already open doors and help our exporters expand, and ‘do deals’ to form close partnerships with foreign companies. In addition most states have their own trade commissioners based strategically in key markets throughout Asia.   Instead of creating another layer of bureaucracy, the PM should talk to his existing national and state-based trade organisations, who are already overseas doing exactly the 'deals' to which Mr Albanese refers. #trade #Foreign #business #exports #government #Austrade #Asia

Canada's economic landscape in the last quarter of 2023 showcased resilience and growth.  Goods and service exports saw an increase in sectors such as energy and travel services.  Total trade in goods and services grew by 2.5% in 2023, with imports outpacing exports. This highlights Canada's active engagement in global trade.    Despite challenges, 2024 global trade looks promising, and is expected to grow at a rate of 3.1%.       Follow us for updates on Canada's economic journey and to learn about opportunities for businesses.    For more information on Canada’s position in the #GlobalEconomy visit:    https://lnkd.in/gDzhgna2 

South Africa will host the African Growth and Opportunity Act (Agoa) Forum this month and will face the possibility of being booted from the United States trade agreement over the local close ties to Russia. According to Webber Wentzel partners Meluleki Nzimande and Chandni Gopal, Companies should take advantage of duty-free access to the US market for qualifying products, but they should also consider how to adapt their pricing, if the loss of preferential tariffs under Agoa materialises, and consider other avenues for trade under the #EPA, #AfCFTA and #BRICS. Read more: https://bit.ly/3OlLNvq #Competition #Trade #Investment #CTI