BIS central bankers’ speeches  This decline in competitiveness is manifest in our shrinking share of the U.S. market. Not only did the U.S. import market contract relative to the rest of the world, Canada’s share of that market shrank (Chart 13). What if we hadn’t lost competitiveness? What would our exports be had our competitiveness stayed at its 2002 level?
If Canada’s exports had grown in tandem with those of the U.S. and global economies – in other words, taking the weakness of the global economy as a given and excluding oil – our goods exports would have been $ billion higher (Chart 14).