hypocritexposer
Well-known member
OTTAWA -- It may have taken a surge in the loonie against the greenback, and a devastating U.S. economic collapse, but Canadian exporters have made a decisive turn away from U.S. markets toward new trade horizons, figures released Tuesday showed.
The figures come as the Canadian dollar reached parity against the U.S. dollar again Tuesday for the first time since July 2008. The loonie has also soared against other major currencies like the euro, the British pound and the Japanese yen, but its performance against many emerging-market currencies has been a lot more ordinary, keeping its exports to those countries competitive.
“What we are seeing before our very eyes is a passing of the baton of economic power” from the developed to the developing world, said Douglas Porter, deputy chief economist at BMO Capital Markets.
Exports to China are up, and imports are down, good news.