{"id":83017,"date":"2015-04-10T10:20:00","date_gmt":"2015-04-10T10:20:00","guid":{"rendered":"https:\/\/resourcework2.devstudio.work\/?p=83017"},"modified":"2024-11-26T12:06:39","modified_gmt":"2024-11-26T12:06:39","slug":"bc_s_secret_diverse_resource_trade","status":"publish","type":"post","link":"https:\/\/resourcework2.devstudio.work\/?p=83017","title":{"rendered":"Diverse resource trade ‘is key to success’"},"content":{"rendered":"\n

Hall is exploring the current upheaval in the Canadian economy. With the recent drop in oil prices, Canada\u2019s oil-producing provinces have taken a hit. The big manufacturing provinces, on the other hand, are supposed to be getting a boost thanks to cheaper energy and a lower dollar. But that’s been slow in coming. Then there\u2019s BC.<\/p>\n\n\n\n

\u201cCurrently,\u201d Hall writes, \u201cit is British Columbia that stands almost entirely alone with a projected surplus in the current fiscal year.\u201d<\/p>\n\n\n\n

BC\u2019s good story<\/strong><\/p>\n\n\n\n

BC has been enjoying a strong housing market, good employment and \u201crespectable\u201d gains in business investment for the last few years, Hall writes. While he acknowledges that there are multiple factors at work that help describe these outcomes, he focuses on one particular topic: trade diversity.<\/p>\n\n\n\n

BC\u2019s trade flows have changed dramatically since 2000, as we can illustrate in the chart below. <\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Getting behind the numbers<\/strong><\/p>\n\n\n\n

While it\u2019s useful to see what\u2019s been happening with BC\u2019s exports, Hall\u2019s comments add something really valuable. What he\u2019s saying is that our ability to export a diverse range of products (mostly natural resources) to a broad range of customers around the world is a key reason why we have enjoyed strong economic conditions. It\u2019s worth letting that sink in.<\/p>\n\n\n\n

It\u2019s also worth noting that our trade diversification has only occurred in some, but not all, of our resource commodities. You\u2019ll notice in the chart above that there\u2019s one item that flatlines at 0%. That\u2019s natural gas. It\u2019s one of our top five exports, but not a puff of it gets to our Asian trading partners.<\/p>\n\n\n\n

One of the potential benefits of BC\u2019s LNG industry is that this commodity too will now be able to be exported to a wide range of sources, and – as Hall points out – this has a real impact on the health of our economy.<\/p>\n\n\n\n

\u201cBritish Columbia\u2019s current record stands apart from the rest of the provinces,\u201d Hall writes. \u201cAnd among other things, the attention it has paid to trade diversification seems set to continue paying dividends for years to come.\u201d<\/p>\n\n\n\n

Peter Severinson is the research director for Resource Works. Follow on Twitter: @pseverinson<\/a><\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

Peter Hall is the vice-president and chief economist of Export Development Canada. As such, he\u2019s a pretty smart guy who knows a thing or two about exports. 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