TORONTO, Nov. 21, 2017 (GLOBE NEWSWIRE) — For Canada’s exporters, turbulence has become par for the course. But despite the rapidly changing global trade landscape, the Export Insights 2018 report shows Canadian exporters are among the best in the world at making inroads into new markets and are successfully competing against much bigger global enterprises.
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CanadianManufacturing.com, a national media brand, has published its second annual Export Insights report and is unveiling the results at the Ontario Export Awards in Toronto today.
Click here to download a complete copy of the report.
Developed in partnership with sponsors SYSPRO Canada and Grant Thornton LLP, Export Insights highlights data from a national survey of nearly 350 Canadian industrial executives. The report is augmented by a roundtable discussion among Canadian exporters.
“We feel strongly that Canadian manufacturers have limitless opportunity to develop successful expansion strategies to establish themselves as sustainable global market leaders,” said Dale Kehler, Vice President – Product Services at SYSPRO Canada. “But determining the best approach to an expansion strategy has become a more complex and challenging choice.”
The survey benchmarks manufacturers’ current exporting businesses and illuminates their plans for growth in overseas markets.
“This year’s report and roundtable highlights the resiliency and tenacity of Canadian exporting firms,” said Michael Ouellette, editor of CanadianManufacturing.com and moderator of the roundtable discussion.
“We identify some of the common risks a new exporter will face, regardless of where they plan to export, as well as some of the proven methods of mitigating those risks. For Canadian companies, exporting is a vital source of revenue growth. This study demonstrates strategies that new exporters can easily adopt.”
Among the findings from the Export Insights report:
- The election of U.S. President Donald Trump wasn’t a major concern, with just 13 per cent of respondents planning to adjust their current export strategy. However, only 8 per cent expect their exports to grow under the new administration. A whopping 87 per cent recognize the importance of looking beyond the U.S. for future exports.
- More than half of the companies surveyed began exporting in the hunt for revenue growth.
- Currency fluctuations are regarded as the largest single exporting challenge, with 29 per cent of respondents citing it as a concern. Transportation and logistics issues were a close second at 27 per cent.
- Almost half of respondents ensure they get paid in a timely manner by requiring pre-payment by overseas customers.
- Just 9 per cent of respondents said they experienced a major exporting failure in the last two years
- Direct sales managed from Canada is the preferred export strategy of 80 per cent of respondents.
Read the full report at www.canadianmanufacturing.com or click the link above.
About the report
Export Insights was produced by CanadianManufacturing.com and sponsored by SYSPRO Canada and Grant Thornton LLP. The survey was conducted by RK Insights, a third-party research firm in Toronto, Ont.
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