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Also: A webinar on the global economic outlook for 2024, analyzing Canada’s light manufacturing sector + four economic and trade
DC November 17, 2023
ECONOMIC INSIGHTS Webinars | EDC Insights | MyEDC | Trade Matters podcast |
TRADE MATTERS: ACCELERATING CANADA’S CLEANTECH INNOVATION
One hundred eighty-six. That’s the answer when you ask the internet how many kinds of pie there are. One type you won’t find on
the list? The cleantech pie. But that’s the one on Stuart Bergman’s mind in this Trade Matters commentary.
Bergman, EDC’s vice-president and chief economist, focuses on the burgeoning environment and cleantech (ECT) sector—and what
Canada must do if we want a healthy slice of the market for mass-manufactured clean energy technologies. It’s forecast to reach as
much as US$650 billion a year by 2030. But the recipe for getting our fair share is finicky, complicated and will take time that
we may not have if we don’t accelerate our efforts to stay abreast of the competition.
Bergman begins by reviewing the state of the cleantech market and what’s made it so resilient through 2022. And he assesses how
Canada’s C$100+ billion strategic investment commitments stack up in light of legislative actions in the U.S. and the European
Union (EU). Then, in the future.
Citing our recent report, Canadian cleantech: Powering progress, Bergman isolates factors Canada must address to be competitive,
drive cleantech exports to diversify our export exposure, and the challenges and areas of growth for our cleantech exporters. And
the news is mixed, including:
* Canadian cleantech venture capital (VC) investment reached $1.2 billion in 2022, quadrupling in value since 2018
* ECT exports are at an all-time high, reaching $17.6 billion last year
* Due to a reliance on ECT imports, Canada’s ECT trade balance has been in deficit since 2012
So, what’s a cleantech baker to do? Bergman finds clues in the list of import ingredients our ECT sector relies on, the goods
giving us annual trade surpluses, how we’re collaborating with the U.S. on cross-border grid integration, the scope of ECT funding
challenges, and threats to retaining skilled labour.
At the risk of belabouring this pie analogy even further, we can think of creating a supportive funding environment as the pie’s
crust, innovative ECT technology and product solutions as the filling, and government/private sector collaboration on strategies
to stimulate exports as the topping. That’s the recipe to ensure Canada gets a healthy slice of the global cleantech pie. And who
doesn’t like a piece of pie, after all?
Watch the video now ›
For more insights, market intelligence, and inspiration on how to support and grow our cleantech sector, consult the following EDC
* EDC report: Canadian cleantech: Powering progress
* Companies featured at EDC’s recent Cleantech Export Week: Three “Export Stars” and two “Ones to Watch” for their ECT
* EDC report: Overview of cleantech project financing at EDC
* EDC cleantech portal: Cleantech at EDC
[EDC WEBINAR SERIES] GLOBAL ECONOMIC OUTLOOK: PREPARING FOR BUSINESS IN 2024 (DEC. 7, 2023)
One glance at the headlines confirms the world is awash in change and uncertainty, as extraordinary shifts in geopolitical and
economic dynamics batter the business environment. Weak global demand and an unstable North American economy may require you to
adapt, innovate, and make tough choices in 2024. That’s why you should register now for this webinar.
Join us live on Thursday, Dec. 7, 2023, from 1 to 2 p.m. ET, to learn:
* Our most up-to-date growth outlooks for the domestic and global exconomies next year
* The biggest risks facing Canadian exporters in 2024 and how to prepare for them
* The most effective strategies for minimizing international export risks
Register now to prepare for what’s ahead for the global economy in 2024, the potential challenges, and how to overcome them.
[Reserve your spot now]
Get webinar-ready by downloading our latest Global Economic Outlook report. In 31-pages, it takes the pulse of the world’s key
economies and provides forecasts for gross domestic product (GDP) growth, commodity prices, interest rates, exchange rates, and
more. It also examines the interconnectedness between monumental interest rate hikes, inflation, labour market activity, consumer
resiliency, the war in Ukraine, dampening commodity demand, and slow growth in China. And it includes growth outlooks for nine
countries, including Indonesia. [Download now for our latest growth forecasts]
[EDC REPORT] GOING FORWARD: CANADA’S LIGHT MANUFACTURING SECTOR
Employing about 1.8 million people in 2022, Canada’s manufacturing sector has seen investment grow steadily in four subsectors:
1. Transportation equipment;
2. Food processing;
3. Chemical manufacturing; and
4. Primary metals.
This 22-page report analyzes the current state of the sector and investigates how overall trade performance in manufacturing has
been negatively impacted by substantial deficits in transportation equipment, computer and electronics, chemicals, and
machinery—all faced deficits greater than $30 billion in 2022.
The report also assesses sector growth patterns, investment trends and economic challenges surrounding this sector, and what
Canadian manufacturers can expect going forward. It also examines implications for Canadian supply chains and prospects for growth
in select subsectors. [Download the report now]
ECONOMIC AND TRADE RESOURCES
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COUNTRY RISK QUARTERLY
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THE COMMODITY TRACKER
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GLOBAL FINANCIAL MARKETS
This weekly publication reports financial and macroeconomic information for both developed and emerging markets.
GLOBAL ECONOMIC OUTLOOK
This report provides insight on how current economic conditions impact the export environment.
We’re working hard to improve this newsletter, and want to make sure that the articles we pick are relevant to you. Let us know if
you liked this edition, think it’s OK, or if it needs work.
This edition of Economic Insights was written and curated by Bernie Schroeder, a content developer on EDC's Marketing team. Send
him an email if you have any thoughts, comments or feedback on this newsletter.
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