THE IMPORTANCE OF INCREASING OUR EXPORTS

Most would agree it would be great to pay less in taxes. We would also like to see more opportunities for ourselves and our children, and live in a place that is generally more confident, prosperous and positive. The struggle lies in finding the right way to get there. There are four key drivers of any jurisdiction’s economy: New external investment, increased productivity, more entrepreneurship (and scale-up), and increasing exports. Find the right balance between all four and you will have new high-quality jobs, increased population, additional tax revenues, and more money for healthcare, education, etc.

Given the headlines over the past few months I’d like to focus on exports. You simply cannot grow an economy by trading amongst yourself; it just doesn’t work. You need new money injected into your economy to see it grow.

The Good News

We are one of the most export-driven economies in Canada, with exports of over $14B per year. For 2018, exports are up by 1.8 percent versus the year prior, and we are further diversifying in markets like China, India, and the EU. With the new CPTPP & CKFTA trade agreements, we have a significant opportunity to diversify even more.

We have many great success stories in New Brunswick. Companies like Remsoft, InteliSys Aviation Systems, and Masitek Instruments are reaching out to new markets, taking risks, and seeing international success. It can be done in New Brunswick.

The Opportunities

Only about three per cent of our companies currently export; that converts to approximately 800 companies and the number hasn’t fluctuated much over the past 20 years. It means 97 per cent of our companies are hoping to grow strictly by taking business from their local competitors or hoping the province’s population grows.

Also, exporting is tough work. It is hard enough to simply run a business day to day. Now imagine trying to figure out your best markets outside the province, then trying to figure out how to penetrate those markets and thrive.

ONB works with virtually every exporting business in the province. We help companies with intelligence on potential markets, assist them with logistics via trade missions, provide partial funding for trips, and arrange matchmaking sessions. We make it as easy as possible for New Brunswick companies to succeed. At the end of the day, the hard part is still left to our businesses.

We have attracted some of the world’s top companies to our province; adding new money to New Brunswick’s economy in the process. We have a dynamic entrepreneurial culture. And we have some of the top exporting companies in Canada right here – we just need more.

I am proud of the work done by our Business Growth and Export Development teams and their continued commitment to helping the New Brunswick business community achieve great things.

We can compete and win; all it takes is the will to make it happen.

Don’t forget about the annual celebration of New Brunswick exporters – the 2019 Export Awards will take place on June 13 at the Saint John Trade & Convention Centre. Click here for tickets.