NEWS RELEASES
CANADA'S 1998 EXPORTS AT RECORD LEVELS
February 19, 1999 (11: 10 a.m. EST) No. 34
CANADA'S 1998 EXPORTS AT RECORD LEVELS
International Trade Minister Sergio Marchi announced that record setting year-end trade statistics released by
Statistics Canada today indicate that trade is strengthening Canadian prosperity.
"All-time high trade figures during a period when many world economies have taken tough hits should tell us that we
are on the right track, with the right trade policies, at the right time," said Minister Marchi. "Canadians have the
confidence and the ability to take on the world."
Statistics Canada released figures showing that Canada's merchandise export performance in 1998 increased 7.4
percent over 1997 to $323.4 billion, and almost doubled from $163 billion in 1992. A 9.8 percent increase in
merchandise imports in 1998 resulted in an overall Canadian trade surplus of $19.4 billion that year. The rise in
exports again outshone Canada's GDP growth by 4.5 percent in 1998, proving the leading role of trade in Canada.
"The U.S. remains by far our most important trading partner. It's great to see that we are selling more high-skilled
and knowledge-intensive products in one of the most competitive markets in the world," Minister Marchi said.
Sales of Canadian machinery and equipment increased by 15.9 percent in 1998.
Canada's strong export performance in 1998 is all the more remarkable given the tough economic times in Asia
and Latin America. Canada's merchandise trade statistics indicate that overall Canadian exports declined by 27.7
percent to most of Canada's Asian trading partners, and by 10.2 percent to Latin America. However, exports to
Asia only account for 5.7 percent of Canada's overall exports, while exports to Latin America account for 1.8
percent.
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For further information, media representatives may contact:
Leslie Swartman
Office of the Minister for International Trade
(613) 992-7332
Media Relations Office
Department of Foreign Affairs and International Trade
(613) 995-1874
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