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Canadian economy rebounds

Published by Steve Coleman on April 04, 2012

Canada's economy is back on track towards regaining the momentum it lost in the 2008 recession.

Statistics Canada says the country's international goods trade grew for a second-straight year in 2011 to bring trade numbers back to within two per cent of where they were prior to the last economic downturn.

At the same time, Canada's reliance on the US has dwindled while exporters traded more with Asia and Europe. Canadian exports were worth $457.6 billion in 2011, up 13 per cent from 2010. Prices accounted for a large part of that, increasing 8.6 per cent.

Canadian imports rose 10.3 per cent from 2010 to $456.4 billion on 8.3 per cent higher volumes.
Canada even ran its first trade surplus in three years in 2011. The difference in the bottom line went from a $9 billion deficit in 2010 to a $1.2 billion surplus in 2011.

While export numbers to the US were below the levels from 10 years earlier, the dollar value of shipments to the UK and China more than quadrupled between 2002 and 2011, Stats Can says.

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