'We’re seeing much slower growth than we’re used to seeing in China,' says economist
China’s slumping economy is not a big cause of concern for exporters of Canadian agricultural products despite the significance of that market, says an economist.Sales to China have steadily climbed, except for a three-year period between 2019 and 2022 when shipments of canola were disrupted by a political spat.“We’re seeing much slower growth than we’re used to seeing in China,” said Stuart Bergman, chief economist with Export Development Canada.
China’s exports plunged by 14.5 percent in July compared to the same month one year ago, while imports fell by 12.4 percent. A prime example of that is how China has diversified away from the U.S. after a prolonged trade war with that country.But China’s transition away from its rapid growth phase is still a concern for exporters of agricultural goods. The country’s voracious appetite during that phase is behind the recent multi-year bull run in grain markets.Policymakers are moving away from investment-driven growth in favour of a consumption-driven economy.
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