Trade Shocks and the Case for Diversifying Canada’s Trade

11 Pages Posted: 11 Dec 2010 Last revised: 7 Jan 2017

See all articles by Dan Ciuriak

Dan Ciuriak

Ciuriak Consulting Inc.; Centre for International Governance Innovation (CIGI); C.D. Howe Institute; Asia Pacific Foundation of Canada; BKP Development Research & Consulting GmbH

Date Written: September 27, 2011

Abstract

Canada’s history features repeated external trade shocks of varying degrees of severity, on average about one every two decades. In each case, the shock prompted an urgent search for diversification of Canada’s trade to new markets or efforts to re-establish secure market access to Canada’s traditional major markets in the United States and Great Britain. This paper documents the historical trade shocks and Canada’s responses. It argues that trade shocks are an inherent feature of the global environment and constitute an important rationale for a policy of trade diversification. It considers the extent to which Canada has meaningful scope to further diversify its trade.

Keywords: Canada, trade diversification, trade shocks

JEL Classification: F14

Suggested Citation

Ciuriak, Dan, Trade Shocks and the Case for Diversifying Canada’s Trade (September 27, 2011). Available at SSRN: https://ssrn.com/abstract=1722346 or http://dx.doi.org/10.2139/ssrn.1722346

Dan Ciuriak (Contact Author)

Ciuriak Consulting Inc. ( email )

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Centre for International Governance Innovation (CIGI) ( email )

57 Erb Street West
Waterloo, Ontario N2L 6C2
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C.D. Howe Institute ( email )

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Toronto, Ontario M5E 1J8
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Asia Pacific Foundation of Canada ( email )

Canada

HOME PAGE: http://ciuriakconsulting.com/

BKP Development Research & Consulting GmbH ( email )

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München, 80639
Germany

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