Atlantic Canada’s international merchandise exports fell 50% in May, compared with 12 months earlier, due to the effects of COVID-19. However, the worst of the trade effects may be behind us. However, the worst of the trade effects may be behind us. By August, Atlantic exports had recovered half their losses and the World Trade Organization forecasts the volume of world trade will rebound by 21-24% next year.
International markets are critical for Atlantic Canada’s prosperity. Atlantic exports were valued at $36 billion in 2019 and support over 118,000 jobs.
Governments can support the recovery by helping Atlantic firms find partners in global markets, support investments in e-commerce and digital capacity, and develop plans to safely ease travel restrictions.