LONDON, Ont. – A new forecast by Export Development Canada predicts Ontario will see broad-based gains in exports this year and next thanks to a favourable exchange rate and rising demand caused by a strong recovery in the U.S. economy.
The Crown corporation says it expects to see Ontario exports grow by 11 per cent this year, led by double-digit growth in the automotive and manufacturing sectors.
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The EDC predicts similar conditions will prevail in 2016, resulting in a further six per cent increase in exports.
Motor vehicles and parts make up more than a third of Ontario’s exports and the EDC says they will rise 13 per cent this year and a further four per cent in 2016.
It says this will be largely due to strong vehicle sales in the United States.
The industrial machinery and equipment sector is expected to see a 16 per cent rise in exports this year due to increased U.S. demand and a price advantage due to the lower Canadian dollar.
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