The following mainstream news article (scanned above) is typical of the favourable "spin" put on China's shanghaiing of Canada's resources by portraying the fact that we export more to China than to the USA (our traditional most valuable market) as "beneficial" instead of detrimental to the North American economy and ultimately our existence as sovereign nations and people. ~ Jackie Jura
Benefit for Canada in China's appetite
Surge in shipments to Asian giant have outpaced increase in imports
by Eric Beauchesne, Province, Nov 9, 2007
Canada still imports a lot more from China than its exports to that country, but the surge in shipments to the economic giant this year has easily outpaced the increase in imports from there. That's one of the key observations in a Statistics Canada report, released yesterday, that concludes Canada is "clearly benefiting" from China's growing appetite for resources to feed its rapidly expanding economy. And that's despite charges that China is shanghaiing global export markets by keeping its currency at an artificially low level. Another observation in the report is that the surge in exports to China has led to a timely shift in Canadian trade dependency to countries other than the U.S., given the housing-induced slowdown in what is still Canada's largest export market.
"Canada's merchandise exports to China in the first seven months of 2007 have grown at more than twice the pace of its imports on the strength of the Asian giant's demand for Canada's natural resources," the report said. Canadian exports to China surged 43 per cent from a year earlier, while imports rose only 17 per cent, it said, noting that export growth surpassed that of any of the other Group of Seven industrial countries, to put China in a neck-and-neck battle to overtake Japan to become Canada's third-largest export market. Exports to China nearly doubled to almost $8 billion between 2002 and 2006, the report said. This year's export surge resulted from accelerating Chinese demand and higher world prices for Canadian goods -- including oil, metals, potash, canola, industrial goods and agricultural products, it said.
"Canada is clearly benefiting from the magnitude of China's demand for natural resources," it said, crediting the efforts of that country of more than 1.3 billion people to expand its manufacturing base and build massive infrastructure projects -- from ports and bridges to facilities for the 2008 Olympic Games. "This demand has propelled world commodity prices to unprecedented levels," it said, noting that, by pushing prices higher, China has also boosted Canada's natural-resource exports to other countries.
Meanwhile, the growth in exports to Europe and Asia and relatively little growth in exports to the U.S. have resulted in a sharp increase, to 24 per cent from 16 per cent five years ago in the share of Canada's exports going to countries other than the U.S., the report said. As a result, the U.S. share of Canadian exports has fallen from a peak of 84 per cent in 2002 to 76 per cent this year. And China has led that trade diversification, it noted.
Further, all regions of Canada have benefited from this shift, it said, pointing out that all provinces have shown strong export growth to non-U.S. markets. "In the cases of Ontario, Quebec, Nova Scotia, Prince Edward Island, and Newfoundland and Labrador, the growth was more than sufficient to offset declining exports to the U.S.," it said. "For British Columbia, Manitoba, Saskatchewan and New Brunswick, exports to non-U.S. countries boosted overall exports beyond the more moderate growth in shipments to the United States." Alberta was the only province not to show an increased share of its exports shipped to countries other than the U.S., reflecting the fact that the province's exports south of the border are growing as fast as those to other countries, thanks to crude oil.
Canada's dependency on U.S. imports has also eased over the past half-decade, with 35 per cent coming from other countries this year, up from about 25 per cent. Again, much of that shift is due to imports from China, which have tripled since 2002 to 10 per cent of all imports. But that increase understates the growth in import volumes as, thanks to the strong dollar, and China's undervalued currency, Canadian firms can import more for less.
US DOLLAR IN LOONY BIN and WINSTON SMITH NOW LEE and CANADA'S TOP 100 CHINESE and CANADA GATE FOR CHINA and THE CHINESE ARE COMING! and CHINESE DEAL NOT BENEFICIAL and CHINADA'S SOVIETIZATION and CHINESE TAKE-OVER
9.Keeping Masses Down and 15.Life in Oceania
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