Canada’s exports impacted by COVID-19, says EDC president
Shady Salah – Media in Toronto
President and CEO at Export Development Canada, Mairead Lavery, said on Tuesday, that COVID-19 pandemic impacted Canada’s exports.
This came during an online discussion titled “Helping Canadian businesses absorb the COVID-19 shock”. Organized by : The Empire Club of Canada Panelists: Mairead Lavery, President and CEO of Export Development Canada (EDC). Michael Denham, President and CEO of BDC. The participants discussed the impact of the COVID-19 outbreak on Canada’s businesses and will present an overview of financing support measures designed to support them. Moderated by: Derek DeCloet, the managing editor of Bloomberg News in Canada.
Responding to a question from MEDIAinTORONTO, the perspective on how this whole crisis looks from an exporters point of view, as so many countries are shut down so supply chains are badly damaged and will take some time to rebuild, Mairead Lavery said “Canada’s exports have been impacted. And I think one of the things that people may not actually understand about Canada’s exports we actually have a lot of exports that are linked to services. So anything that is person to person, professional services on the based on human capital. And that’s a huge part of Canada’s export network today so obviously that’s constructed, but it’s equally an opportunity whereby, given that it’s based on human capital, it can happen from home, and it’s not as dependent on supply chain so you know very hard hit, but then some opportunities there for recovery when we come through recovery.”
“I think the more challenging one is what you refer to which is supply chains. So, you know, we have one is really the impact of COVID-19 in China, and the implication of China in supply chains today so many supply chains are integrated and they see a lot of their input or raw materials come in from China. And that, I would say, took a little bit of time to see through the actual manufacturing footprint of Canada because of inventory, because of items that had been shipped. So, and a lot of our manufacturers are still honouring orders that have been in their system for a period of time. So I think the danger time for exports has been as other countries have closed and has been, and in particular with the US which of course remains Canada’s largest export destination.”