U.S., Europe top Canadian trade choices: BMO survey

It’s no contest – the U.S. is still the most popular market by a wide margin for Canadian business owners looking to expand internationally.

According to BMO bank of Montreal’s newest Leger Marketing survey results, the affinity for the U.S. appears to reflect a strengthening American economy – with 68 per cent of the 500 small business owners who were surveyed looking to expand in the U.S., up 12 per cent from 2011.

The European Union ranked second, the survey revealed.

“Canadian businesses appear to be positioning themselves to take advantage of an expected pick up in the global economy in the later part of this year,” said Benjamin Reitzes, senior economist, BMO Capital Markets. “While the domestic market is important, geographical diversification can be an engine for growth as well.”

Similar to last year, about 32 per cent of the respondents are interested in growing their business in Europe, despite continuing economic challenges, most notably in Greece.

Other markets include India (15 per cent), Central and South America (15 per cent), China (12 per cent), and Mexico (6 per cent).

The online survey was conducted between March 21and April 12.