NEWS RELEASES

June 29, 2001 (10:50 a.m. EDT) No. 92

FOREIGN TRADE CONTRIBUTES TO CANADA'S CONTINUING

RESILIENT PERFORMANCE

International Trade Minister Pierre Pettigrew issued a statement today on Canada's robust trade performance.

In the first quarter of 2001, Canada's surplus in trade in goods and services increased strongly, accounting for more than three quarters of the 2.5 percent growth in the country's real gross domestic product.

"The prosperity of Canadians is directly linked to our success in international trade," said Minister Pettigrew. "The significant trade increase in the first quarter of 2001 is equal to $500 per Canadian."

Canada's current account established a record surplus of $50.9 billion, at an annual rate, the seventh quarterly surplus in a row. This development reflects widespread improvements in the trade balance with the United States, Japan, the European Union and other major trading partners. Exports of energy were of particular importance, accounting for 60 percent of the increase in the overall merchandise surplus.

The current issue of the Canadian Trade Review presents Canada's trade and investment performance for the first quarter of 2001. In addition, it features recent developments in Canada's top 10 foreign markets. It suggests that Canada needs to redouble its efforts in promoting trade and related investment to forestall an erosion of its presence in international markets. The Canadian Trade Review is available on-line at http://www.dfait-maeci.gc.ca/eet/new-e.asp.

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