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Canadian manufacturer’s confidence is plunging, says Export Development Canada in a survey released today.
EDC’s Trade Confidence Index (TCI), a semi-annual survey of Canadian exporters and investors, declined by an overall 12 per cent since the spring of 2011. The decline was only the second time since 2000 that the composite index score dropped by more than 10 points. The first time was the fall of 2000, following the bursting of the dot com bubble.
“Canadian exporters appear frustrated by the uncertainty in the global economy and the world’s markets, a clear and consistent message we are hearing from our customers,” said Peter Hall, Chief Economist of EDC.
While a down at the mouth mood was prevalent across all sectors, executives working in the extractive and resource sectors were significantly more upbeat due to the still-high commodity price environment.
“Strong demand has these exporters feeling significantly better than their counterparts in other sectors,” said Hall.
Manufacturers had a long list of worries.
“There seems to be a lot more concern about what’s going on in Europe, Japan and China than at home and in the U.S, which makes sense given the timing of the survey preceded the ratification of the EFSF,” Mr. Hall said.
“That uncertainty makes planning for the future extremely difficult. The absence of clear economic direction leads to a state of heightened tension where even the smallest nudge can trigger an irrational over-response. We believe that’s what this survey is telling us.”
These views were consistent across all sizes of business, industrial sectors and regions in Canada.
