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30 Years of Export History
Transcript of 30 Years of Export History
Joint Declaration mandating return of Hong-Kong to China in 1997 began to cause a flow of Hong Kong capital into Vancouver. Atlantis Submarines of Vancouver became the first company in the world to design, build and operate passenger-carrying submarines. Vessels built by Atlantis will carry tourists on dives at locations around the world, including Grand Cayman, Barbados, St. Thomas, Aruba, Hawaii, Guam and the Bahamas. The Atlantis is a free-swimming, self-propelled submersible capable of operating at a depth of 150 feet. Expenditures for the fair were $802 million and revenues were $491 million. The federal government contributed $75 million to build the Canada Pavilion, $60 million to build the Expo skytrain and $25 million toward the deficit. More than 36 corporate sponsors committed $173 million. Participants spent $698 million for total expenditures at the Expo of $1.5 billion. The final deficit was $311 million. However, the Canadian economy received an extra $3.7 billion as a result of Expo '86. The fair proved so popular that restaurants and clubs on-site remained open after pavilions closed each evening. Expo '86 will be remembered for the warm, friendly spirit that existed among the exhibitors, staff, 8000 volunteers and visitors. North American Free Trade Agreement (NAFTA) goes into effect During the 1990s exports to the United States have more than doubled, rising from $7.0 billion in 1990, to $14.9 billion in 1997. U.S. demand for B.C. exports has been bolstered by a long period of economic expansion in this decade, a highly valued U.S. dollar, and the trade liberalising effects of the North American Free Trade Agreement. All these factors and more have worked to swing British Columbia’s export focus away from Japan and back toward the United States. 30 Years of Export History Whistler Mountain Ski Corporation
(which owned Whistler) and Intrawest
Corporation (which owned Blackcomb) merged to create one of the biggest and most exciting mountain resort companies in the world. A study commissioned by One Whistler in 2000 reported that Whistler’s resort economy generated $1.035 billion in tourism spending, accounting for 11% of B.C.’s total tourism revenue of $9.47 billion. Canada would join the
Trans-Pacific Partnership The TPP, with the addition of Canada, Japan and Mexico, represents a market potential of more than 775 million people with a combined GDP of $25.7 trillion. The TPP members are negotiating an ambitious 21st-century agreement that will enhance trade and investment among the partner countries, promote innovation, economic growth and development, and create jobs.
The Asia-Pacific region’s economic growth rate is two to three times faster than the global average. Being well-positioned in the region is critical to BC’s economic growth and prosperity. Despite increasing trade and investment flows between BC and the Asia-Pacific region in recent years, there is still huge untapped potential. The TPP offers a significant opportunity to engage in the growing Asia-Pacific region. Victoria in 1994 was the last Canadian
city to host the Commonwealth Games The Victoria Games were held with a $160-million budget and showed a profit. Organizers expected a budget surplus of more than $5 million. The Sun said the extra cash was proof that "the many predictions of financial doom and gloom that haunted the Games almost from opening day" were off base. According to the Commonwealth Games Federation’s website, 63 nations sent nearly 2,450 athletes and 892 officials to the British Columbia capital in 1994. Ten sports were played at the Victoria Games.
The B.C. government says the 1994 Games were a boon to the economy in Victoria and nearby Vancouver Island communities. A government website says about $40 million was spent on the hospitality industry alone, and the event generated some $500
million in economic activity. 9/11 – terrorist attack in New York.
The event caused tightening of the border
security between US and Canada. BC's trucking industry still struggling today to recover from security changes with over six billion tonnes of freight every year. Since 9/11, a trip has taken longer and costed more, with roadblocks at the border lasting up to eight hours. 1982, the Chinese Government, guided by Deng Xiaoping's great concept of "One country, Two systems" and peaceful reunification, began the two-year long historic negotiations with the UK Government, and signed the Sino-British Joint Declaration on December 19, 1984. In accordance with the Joint Declaration, the Government of the People's Republic of China resumed the exercise of sovereignty over Hong Kong on July 1, 1997, thus opening a new chapter in the annals of Hong Kong. Hundreds of thousands of Hong Kong residents have acquired Canadian citizenship as a hedge against uncertainty aroused by China’s takeover of the former colony. Bringing billions of dollars, new tastes and ideas, this immigration wave has dramatically altered the cultural and economic face of the province. It is believed that new immigrants from Hong Kong, their spending and investment in BC, have protected the province
from the worst of the early 90’s recession. Financial crisis The financial crisis would cause BC’s economy to shrink for the first time since 1982. Downturn in the goods sector would lead to a sharp decline in exports in 2009. However BC would handle the recession better than other provinces. In 2011 BC exports would recover almost
to the level they were before the recession. 2008 The launch of the Asia-Pacific
Initiative marked British Columbia’s commitment to seize on its unprecedented position as Canada’s Pacific Gateway. The initiative focuses on boosting B.C.’s economic prosperity by increasing trade, investment and knowledge collaboration with the global economic drivers of the 21st century: China, India, Japan, South Korea and Southeast Asia.
British Columbia's business community has been at the forefront of the Province’s drive to strengthen B.C.’s trade and investment links with the Asia Pacific. This community has supported the progress of the Asia-Pacific Initiative, which can be reviewed
in the annual reports. The Asia-Pacific Initiative consists of five priority strategies:
•Build a global identity for Canada’s Pacific Gateway.
•Strengthen B.C.’s trade and investment relationships.
•Develop a world-class supply chain and gateway infrastructure.
•Develop and attract a labour force that has Pacific Century skills.
•Position B.C. as North America’s Asia-Pacific destination. 2007 2010 The Vancouver Olympics helped persuade hundreds of thousands of foreign tourists to come to Canada, according to a study from the Canadian Tourism Commission. The number of British and Australian tourists to visit Canada in 2010, for instance, were double the figures for 2009.
About 290,000 British visitors spent $380 million in Canada last year. That was an increase of $134 million over 2009's figure. More than 70,000 Australians booked trips to Canada in 2011, spending $117 million. The number of German travellers increased by more than a third to 128,000. They spent $196 million during their Canadian trips, up from 2009's $135 million. In an interim accounting of its federally funded $26-million marketing effort to leverage the Games, the CTC said the investment paid off handsomely, with global tourism coverage in foreign media worth about
$1 billion in advertising value.
Awareness of Canada as a tourism destination grew 7.5% between 2009 and 2010 across the markets the CTC surveyed, with gains of 28.6% in the U.K and 13% in Australia. The CTC launched major spring advertising campaigns in the U.K., Germany, Australia, France, Mexico and Japan.
Visitors to Canada from overseas markets (excluding the U.S. and Mexico) are estimated to have risen 9.7% in 2010. The CTC said the value of Canada’s tourism brand in 2010 was $132 billion, which it said was a 7.2% increase compared with the pre-Olympics valuation. 1985 2010 2000 2012 Third berth at Deltaport
container terminal opened Global Container Terminals and Port Metro Vancouver, along with government officials, officially open the new $400 million third berth at Deltaport container terminal, bringing a 50% increase in terminal capacity. 2010 2011 The Canada-US
Softwood Lumber Dispute Story In 1982, the long-lasting Canada-US softwood lumber dispute took another hit when the US Department of Commerce started investigating the stumpage programs in Canada. It has been one of the longest and most significant trade disputes between the two countries in modern history. In 1986 the governments of Canada and the US signed an agreement, under which the US would drop its 15% import tariff and Canada would impose a 15% export duty on lumber exports to the US. Because of that, BC softwood lumber exports would struggle up until 1991, when Canada unilaterally withdrew from the agreement. The result was that in 1994 the province exported almost 2.5 times more softwood lumber that it did in 1991. From mid 90s’ up until 2001 BC softwood lumber exports were relatively stable. Part of the reason is that in 1996 Canada and the US signed a Softwood Lumber Agreement. Canada was permitted to export 14.7 billion board feet annually to the US free of duty; however exports above this threshold would then be open to escalating charges. The US agreed not to initiate a trade case for the duration of the agreement. In 2001, the agreement expired and new disputes resulted in 27.22% duty that Canadian softwood lumber exports would face in 2002. Canada responded by launching trade challenges under the WTO and NAFTA panels. In 2006, after series of litigations and controversial rulings, both countries
signed new softwood lumber agreement which
was later extended in 2012. 2008 2011 Stats Snapshot BC exporters have recently been facing many challenges. For instance, in 2011, for the
first time since 1976, the Canadian dollar averaged over par with the US dollar. High value of the dollar negatively affects every Canadian company sales overseas. In addition, BC’s core lumber industry isn’t doing well in the US due to the housing market crash. Despite the US, our traditional key trade partners like Europe and Japan are facing economic downturns. On the other hand, these challenges have made BC’s businesses stronger. Besides becoming more innovative and efficient, we opened up and established strong positions in new markets. According to BC Stats in 2011, BC exports to the Pacific Rim have grown to the point where they are now of a similar magnitude as BC’s shipments to the United States and Mainland China has overtaken Japan as BC’s second largest export market. Overall BC has been handling the recession well and the province has almost recovered the exports back to the 2008 benchmark.