This suggests that, as the U.S. recovery gathers momentum and becomes more broadly based, many of our exports will benefit. The lower Canadian dollar will also contribute to the recovery of these subsectors.
Other subsectors, including auto and truck makers, food and beverage suppliers, and chemicals, will also be helped by a lower dollar, but to a lesser extent, since they are experiencing greater competitiveness challenges. Their recovery will be slower. The big picture tells us to expect a gradual convergence between the growth rate of Canada’s exports and that of the U.S. economy.