This was more than triple the decline experienced in the 1990–91 recession. Many Canadian exporters either went out of business or turned inward to Canadian markets. From the peak in 2008 to the trough in 2010, the number of exporters fell nearly 20 per cent, dropping by almost 9,000 firms.
After a surge in the second half of 2011, exports have again lost momentum, falling back by about 1.2 per cent. They remain 6.5 per cent or $ billion below their pre-recession peak, and more than $ billion below where they would be in an average export recovery (Chart 1). There is much lost ground to make up.