REGINA -- Canada still has room to expand and diversify its trade markets according to a Farm Credit Canada report.
In 2018, Canada was the world’s fifth largest exporter of agriculture commodities, worth almost $34 billion, behind the United States, Brazil, Netherlands and China.
FCC says more growth in canola exports to Europe is possible, while the potential for further diversification of Canadian wheat exports is available, but many countries are already established with nearby exporters.
The FCC says soybeans could be the best opportunity for Canada to further diversify export markets.
The report says Canada is facing several hurdles it must overcome to diversify markets, including growing protectionism, distance and price sensitivity.
The FCC adds Canadian producers can manage their risk by keeping a close eye on new and evolving international markets.
