Aerospace industry will give Quebec steady export growth: report
Led by products made for the aerospace industry, Quebec`s shipments abroad will increase five per cent both this year and in 2017, a new report says.
According to Export Development Canada’s latest Global Export Forecast, Quebec`s export industry will be given a big lift by Bombardier’s CSeries aircraft program, which is finally set to begin deliveries this year. Quebec’s aerospace industry will contribute a majority of the gains seen by the province`s exports, increasing exports 14 per cent this year, as well as eight per cent next year.
But EDC was quick to note that Bombardier is not the industry’s only growth driver.
“Bombardier isn’t alone in fueling the growth in the aerospace sector,” said Peter Hall, chief economist at EDC. “Equipment and services is another strong sub-sector that will also support Quebec’s upswing in exports this year. Montreal-based CAE, for example, has lined up large simulator contracts with the German Navy and US Air Force this year.”
“The vast majority of Quebec’s exports go to the U.S., so growth south of the border is clearly a good news story for the province,” Hall added. “The price advantage from a lower Canadian dollar will continue to provide export-minded companies with competitive opportunities.”
For the full EDC report, click on this link.