Trade between China and Canada hit record levels in 2022, with imports breaking the $100-billion mark for the first time, Statistics Canada data show.
Economists and others say businesses are looking beyond political tensions between the two countries, as demand ramps up and established supply chains reassert themselves in a post-pandemic world.
The Statistics Canada data show Canada imported a record $100,027,968,000 of goodsfrom China last year, up 16 per cent from $86 billion in 2021. China last year lifted a three-year ban on Canadian canola that had been imposed after the arrest of Meng, who has since returned to China. In the meantime, businesses will abide by global trade dynamics, and seek cost-effective solutions, she said.
"Despite a lot of countries saying that post-pandemic, we want to establish alternative supply chain structure, it's costly and difficult to switch if your business was established, you have your suppliers. It will take such a long time to find alternatives to build that infrastructure," said Ufimtseva.Daniel Trefler, an economist at the University of Toronto, said manufacturing supply chains can't be moved easily.
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