News 28
The British are coming—for our gold
On April 2, Bank of Canada Governor Mark Carney stepped in
front of a business crowd in Waterloo, Ont. to speak about the
state of Canada's foreign trade. His message, more or less, was
this: we need to break our national reliance on exports to the
U.S.-the country is a wounded behemoth, and we would do better to
focus on trade with economic up-and-comers. By that the governor
probably meant the likes of China and India. But by looking at our
trade numbers, one would think Canadian exporters are taking it to
mean the U.K. as well.
Over the past decade, the value of Canadian exports to the
centre-piece of the Commonwealth have skyrocketed. In 2011, they
hit a record high of $18.8 billion, up more than 324 per cent since
2002. The U.K. is now Canada's second biggest export
partner-while China is only third.
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Source - http://www2.macleans.ca/