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Profound changes in exports
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The recession has accelerated the ongoing slump in automobile, lumber and newsprint exports.
Automobiles’ and forestry products’ shares of total exports continued their decade-long slide in 2008, falling to 18% of total exports, or less than half their recent high of 37% in 1999.
This trend continued into 2009, with their combined share dropping to 14% in January. Since autos manufactured in Canada have a large import component, the share of value-added exports has also fallen considerably, probably below 10%.
An export staple for over a century, lumber accounted for less than 2% of Canada’s exports in January 2009, as residential construction slumped in the United States. Downsizing in the newspaper industry has added to the forestry sector’s woes. Newsprint exports have tumbled 35% since 2001.
