Canada’s agricultural products and food manufacturing services are considered among the best prospects for trade with China, according to new Conference Board of Canada research for the Global Commerce Centre.
“Chinese demand is projected to rise for many of the goods and services in which Canada holds a global comparative advantage,” says Julie Ades, Senior Economist, Global Commerce Centre. “Natural resources, some services industries, and food manufacturing are best prepared to increase production to meet rising Chinese demand. And with the possibility of future trade strife between the U.S. and China, this could create an even greater opportunity for Canada.”
The value of Canadian exports to China has grown at a double-digit pace from 2006 to 2015, making China our second-largest export market. The five largest categories of Canadian goods exported to China are natural resources, and account for close to 50 per cent of all Canadian merchandise exports to China.
Agricultural products (cereals, oil seeds, seafood and vegetables) and processed food products (meat and cereal products) are considered goods facing rising Chinese demand and some of Canada’s global commercial strengths. Other promising sectors in the services sectors include scientific research, architecture, engineering, finance, computer and information, and recreational.
Read the full release for more information on Canada’s trade prospects with China.