February 19, 1998 No. 35

CANADA'S MERCHANDISE TRADE PERFORMANCE IN 1997 SHOWS RECORD LEVEL FOR EXPORTS

The Department of Foreign Affairs and International Trade today issued the following statement:

Statistics Canada today released figures on Canada's 1997 trade performance which show continued vigorous growth of Canadian exports, to a record level of $301 billion. A strong inflation-adjusted growth performance of 9 percent compared favourably with growth of 5.8 percent in 1996. Export expansion in December was the strongest monthly export growth since January 1997. This record level of exports by Canadian firms contributed to additional jobs for Canadians and to financing of a higher level of imports by consumers and firms.

Imports also grew to reach a record level of $278.2 billion -- an inflation-adjusted growth of 18.7 percent. Strong business confidence and higher income prospects, as well as savings-financed consumer spending, have resulted in increased import demand by Canadian firms and consumers. Many of these imports, such as machinery and equipment, will promote further expansion of the Canadian economy.

Canada's trade surplus in 1997 was a healthy $23.1 billion, lower than the banner years of 1995 and 1996 but much larger than in the 1980s and early 1990s.

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For further information, media representatives may contact:

Leslie Swartman Media Relations Office

Office of the Minister Department of Foreign Affairs

for International Trade and International Trade

(613) 992-7332 (613) 995-1874

This document is also available on the Department's Internet site: http://www.dfait-maeci.gc.ca