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Weak Loonie is Expected to Benefit Food Manufacturing Exporters: Conference Board of Canada

Canadian Shipper Sep 22, 2015

The weakness in the Canadian dollar will have various implications for the food manufacturing industry over the coming years, said a recent report on Canada’s Food Manufacturing Industry released by the Conference Board of Canada.

A weak loonie is expected to benefit food manufacturing exporters, said the report. With the Canadian dollar losing ground to five of the six currencies in the Bank of Canada’s Canadian Dollar Effective Exchange Rate Index (CERI)1 over the first seven months of this year Canadian food products have become more competitive on numerous foreign markets.

However, the biggest boost to food manufacturing exports over the near term will come from the strengthening of the U.S. economy, given that the U.S. market accounts for the bulk of Canada’s food exports. In 2014, real food manufacturing exports rose 1.8 per cent to reach $20.2 billion, or roughly 28 per cent of industry sales, the report said.

Leading the way was the bakeries and tortilla manufacturing segment, which saw year-over-year real exports rise by $146 million, or 9.5 per cent. While food manufacturing exports were slow out of the gate to start 2015, with real exports sliding by 0.7 per cent in the first quarter, the persistently low Canadian dollar should benefit export-oriented segments within the industry over the rest of 2015. In particular, the grain and oilseed milling segment, which exported more than half of its production last year, and the seafood product segment, which exported three-quarters of its production in 2014, are expected to see exports rise in the near term.

Read Full Article on Canadian Shipper »