NEWS RELEASES
TRADE RECORDS SET - PETTIGREW ISSUES FIRST ANNUAL STATE OF TRADE REPORT
May 11, 2000 (11:25 a.m. EDT) No. 100
TRADE RECORDS SET -- PETTIGREW ISSUES FIRST ANNUAL
STATE OF TRADE REPORT
International Trade Minister Pierre S. Pettigrew today issued Trade Update 2000: First
Annual Report on Canada's State of Trade, the inaugural report on Canada's
performance in international trade.
"Canada's prosperity is tied directly to our trade performance," said Mr. Pettigrew.
"Canada has enjoyed a record trade year that has powered our job creation and
energized our economy. It's important that Canadians have an opportunity to see how
well we've done."
The report documents new benchmarks for Canada's achievement in exporting to the
world and in attracting investment. It also highlights two realities about Canada's
international performance that are particularly impressive.
First, Canada continues to set record trade and investment numbers. Every day of the
week Canada does an average $2.2 billion worth of business -- exports and imports of
goods and services -- with the world. Some $36 billion in direct investment flowed into
Canada in 1999, bringing the stock of foreign direct investment in Canadian enterprises
to $240 billion.
In total, exports of goods and services increased some 11 percent in 1999 to reach
$410 billion, or 43 percent of Canada's gross domestic product.
Second, the report documents the significant transformation toward the so-called "new
economy" that has been taking place in Canada in recent years. For example, exports
of machinery, including technology-intensive telecommunications and office machinery,
increased 11 percent in 1999. Exports from the automotive products sector increased
by 24 percent, reflecting the competitiveness and active investment in this sector.
Exports of research and development services have increased an average of
15 percent per year from 1993 to 1999. Last year alone, exports of services generating
royalty and license fees grew 31 percent.
Canadians in communities across the country have shared the rewards of succeeding in
the new economic era of business beyond borders. The 427 000 net new jobs created
in 1999 was the highest total since 1979; and an important part of this expansion relates
directly to Canada's success in global markets.
"Canadians can be proud of Canada's trade achievements; this marks the eighth
straight year we have set new records in terms of our foreign exports. But," Minister
Pettigrew warned, "this is not the time for complacency.
"There are significant challenges ahead. New markets beckon and we must continue to
harness the new economy to capture its promise of growth and prosperity," said the
Minister. "We must unleash Canada's entrepreneurial energy by helping small and
medium-sized companies to thrive in the global marketplace."
The Minister also encouraged Canadian businesses to take part in upcoming trade
missions that he will be leading. These include Australia (May 29 to June 2); Russia
(June 28 to 30); the Czech Republic, Slovakia, Hungary and Slovenia (September 11 to
15); Algeria, Morocco and Spain (October 10 to 20); and the Middle East.
The Annual Report is available on the Web site of the Department of Foreign Affairs and
International Trade at: http://www.dfait-maeci.gc.ca/eet/state-of-trade-e.asp
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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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