NEWS RELEASES
CANADA'S 1999 EXPORTS AT RECORD LEVELS
February 18, 2000 (4:45 p.m. EST) No. 30
CANADA'S 1999 EXPORTS AT RECORD LEVELS
International Trade Minister Pierre S. Pettigrew announced that record-setting year-end trade statistics released today by Statistics Canada indicate that trade
continues to be an important engine of the Canadian economy and a powerful job
creator.
"These figures continue to show that Canadian goods are recognized as amongst
the best in the world," said Minister Pettigrew. "Exports in almost all sectors
increased substantially in 1999 and this was reflected in strong job growth."
Statistics Canada figures show that Canada's merchandise exports in 1999
increased 11.9 percent over 1998 to $360.6 billion, the best one-year growth since
1995. A 7.7 percent increase in merchandise imports in 1999 resulted in an overall
Canadian trade surplus last year of $33.9 billion.
The fact that exports continue to grow more quickly than the economy as a whole
demonstrates the leading role of trade in Canada. Employment growth reflects this
continued prosperity. In 1999, 427 000 jobs were created, bringing the
unemployment rate down to 6.8 percent last December compared to 8.1 percent in
January 1999, the lowest level since April 1976.
"Canada's exceptional trade performance in 1999 reflects the robust state of the
Canadian and American economies, as well as the strengthening of economies
worldwide, particularly in much of Asia," said Minister Pettigrew.
Exports last year with the United States, our largest trading partner, grew by an
impressive 15 percent over 1998, to almost $310 billion. Faster than expected
recovery in some Asian economies also helped spur Canada's export growth in
1999. Exports rebounded from 1998 lows in key Asian markets such as China,
South Korea and the Phillippines. Exports to Latin American free trade partners
Mexico and Chile also increased significantly in 1999.
When all 1999 data becomes available, Minister Pettigrew will deliver an annual
report on international trade, providing a fuller statement on Canada's trade and
investment performance for 1999.
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For further information, media representatives may contact:
Sylvie Bussières
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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