October 12, 2000 (10:55 a.m. EDT) No. 259

CANADA REGISTERS FIRST $100 BILLION EXPORT QUARTER

International Trade Minister Pierre Pettigrew announced today that Canada has a new benchmark for exporting success. "The latest figures from Statistics Canada show that Canada's exports of goods during the second quarter of 2000 surpassed $100 billion for the first time in history. Clearly, Canada's trade success continues to build momentum," said Mr. Pettigrew.

The figures, highlighted in the Canadian Trade Review, also reveal further evidence that Canada is continuing its shift toward the new economy. Second-quarter high-tech and other machinery and equipment exports were 10.7 percent higher than in the first quarter.

Canada's trade-driven economy is in robust health. Gross domestic product rose at an annualized rate of 4.7 percent in the second quarter of 2000, marking the 36th increase in the last 37 quarters. "Even with this growth I believe that the exporter population can still be increased. There are many firms that should consider exporting, and I am working to reach them through an aggressive domestic outreach program," the Minister added.

Canadian pre-tax corporate profits grew by 11.3 percent in the second quarter. Minister Pettigrew noted that this growth benefits more than just the corporations. "This remarkable growth creates immediate benefits for the 49 percent of adult Canadians who the Toronto Stock Exchange estimates directly or indirectly own shares, as well as significant spin-off benefits for all Canadians."

"The prospects for even greater prosperity and higher standards of living for Canadians are unparalleled," added Mr. Pettigrew. "Canada's sustained economic growth, together with the Government's sound fiscal management, has generated the surplus that Finance Minister Paul Martin recently indicated was $12.3 billion for 1999-2000. This total will be paid against our public debt -- the largest debt paydown in Canadian history."

"In May, I released the First Annual Report on Canada's State of Trade, prepared by the Department of Foreign Affairs and International Trade," said Mr. Pettigrew. "At the time, I stated that the document was needed to respond to increased demand for comprehensive information and analysis on Canada's trade and investment trends and performance. Now, with the accelerating pace of global economic development, the need has become even greater. That is why we are publishing quarterly updates on our progress."

The Canadian Trade Review, profiling Canada's exporting performance in detail, is available on-line at: http://www.dfait-maeci.gc.ca/eet/new-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