Word: canadas
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Clothier Nygard was ahead of the curve, having outsourced most of his company's production to Asia years ago. He's not alone; annual manufacturing shipments of made-in-Canada garments have plummeted more than 35%, to about $4.5 billion, since 2002. "With the rising dollar, we couldn't afford to make everything in this country anymore," says Elliot Lifson, vice chairman of Montreal-based Peerless Clothing, which has outsourced 70% of its production to plants in China, India and Vietnam over the past three years. Once the loonie passed 80¢, the $500 million company, which has exclusive licensing...
...Canada and the U.S. are each other's top economic partners, with two-way trade valued at $625.9 billion. Normally, Canada's exports significantly outpace imports, but in September the country's trade surplus with the U.S. dwindled to $6.2 billion, according to Statistics Canada. The main reason is that the automotive sector, which includes cars, trucks and parts, posted monthly deficits from April to September...
...same time, auto-parts makers are expected to see profits drop nearly 41%, to about $1 billion in 2007, according to the Conference Board of Canada, a leading economic-research group. Not everyone is equally affected. "You have to be smart to offset the impact of foreign-exchange fluctuations," says Mark Hogan, president of Magna International, based in Aurora, Ont. The $24.2 billion company--a strategic supplier to the world's leading automakers with operations in North America, Europe and Asia--moved more than 300 jobs from Canada to Mexico in the past two years in anticipation of a stronger...
...package to help his French-speaking province's ailing manufacturers and has urged the federal government to follow his lead. In the meantime, Mayor Eddie Francis of Windsor, Ont., near Detroit, is trying to cope with an 8.6% unemployment rate in a town known as the automotive capital of Canada. "It's a challenge and we're going to have to get through it," he says. The strong loonie may be great for cross-border shopping excursions, but it's of little help to anyone without a paycheck...
...something big was happening in Canada in 2007. The economy boomed even as that of its southern neighbor showed signs of cooling. The engines of Canadian growth are shifting from the traditional heartland, Ontario and Quebec, to the resource-rich regions of the West and Newfoundland. In 2007, some Canadians won. Some lost. Or, as the Canadian Press put it in September: "High Loonie Is Bad for Canadian Pigs, Good for American Lettuce...