Business beyond our borders – Marketer’s Pen #29
Why exporting provides sustainability.
According to estimates provided by Economic Co-operation and Development (OECD),
Canada’s economy is projected to grow by 2.3% in 2018 (OECD, 2016). This growth is
largely attributed to the strength of the export market, as Canadian business look to expand
past our shorelines. As stated by Statistics Canada, 2017 began with three months of trade
surplus, largely due to strong motor vehicle and agri-food sector sales (Statistics Canada,
2017). Peter Hall, who is the chief economist with Export Development Canada, believes
that overall, the agri-food sector holds much promise and potential for Canada (Business
Development Bank of Canada, 2017).
For businesses to succeed and expand, breaking out of the Canadian sphere is absolutely
crucial. As reported in an article in Canadian Manufacturing, the Canadian market only
accounts for 1.5% of the world’s economy. Not only is trading internationally a defensive
strategy, but it is also an offensive one (Osak, 2017). That is, say a business is experiencing
challenges in one area, rather than being forced to focus on only that area, a business can
mitigate potential losses by redistributing or expanding elsewhere. As more eloquently put:
“Having multiple irons in the fire across several markets can provide revenue
stability and smooth out costs in the face of the foreign and domestic regulatory
changes that deeply affect Canada’s economy” (Mazgay, W., 2017 in Canadian
At Canadian Rangeland Bison & Elk, while we still believe strongly in maintaining a strong
domestic/local market, we also feel having diversification in our markets is crucial to
business success. As such, we work hard on maintaining a strong relationship with our
European and American markets. In the business world, there is constant fluctuations in
dollar values, changing tariffs, and trade regulations; being able to cope with these factors
is a key element of sustainability.
Until next time, stay bison strong.
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