For Immediate Release
DIVERSIFICATION NECESSARY TO RETAKE POSITION AS AMERICA’S LARGEST TRADING PARTNER
Victoria, BC - 8 Nov 2021 - With $441.7 billion dollars in trade over the last nine months, China has now overtaken Canada as the United States’ largest trading partner. The 11.6% drop in trade is largely the result of a declining oil sector, with the price of oil sitting at half of its 2014 value. This decline in oil trade with the United States will continue as countries around the world work toward reducing and eliminating their fossil fuel usage. Canada was an energy behemoth, but with the rapid drop in oil value, the time has come to diversify our trade portfolio, both in terms of products offered and in where we do our business.
“The days of relying on the oil patch to fuel Canadian Trade with the United States are swiftly coming to an end. We need to seek new avenues of trade that are not reliant on fossil fuel extraction,” says Shawn Gray, the Pirate Party of Canada’s International Trade, Small Business and Tourism critic. Mining, quarrying, oil and gas extraction account for 8.21% of Canada’s GDP, grossly outweighed by real estate, rental and leasing at 12.88% and manufacturing at 10.55% according to StatsCanada’s August 2015 numbers. Despite this, the current and prior governments have continued to push for growth in the oil sector at the expense of manufacturing, as evidenced by the sacrifice of the automotive manufacturing industry in the Trans-Pacific Partnership. As the closest neighbour to the United States, we have the unique ability to provide products and services faster, at a lower shipping cost than companies from China and elsewhere around the world. We need to diversify our output, help small businesses access national and international supply and sales markets, and leverage Canada’s digital literacy in order to retake our position as America’s primary trading partner.
The Pirate Party of Canada is a federal political party focused on thoughtful information policy reform, genuine democracy, civil liberties, open data, and the freedom of the Internet. You can find out more online at www.pirateparty.ca .