Supply chain challenges are temporary, but global opportunity is endless.
Canada is one of the world’s top trading countries with 14 free trade deals signed -- opening doors to 51 nations and granting access to 1.5 billion consumers that make up 60 per cent of the world’s GDP. But after nearly two years of border closures and an ongoing supply chain crunch with no end in sight, many Canadian business leaders appear to be losing confidence in their prospects beyond their own borders.
In fact, the 2021 HSBC Navigator: The Voice of Business report revealed that less than a third of Canadian businesses (29%) say they’ve increased the number of international suppliers they work in the past year, compared to 36% of global companies polled. Added to that, only one-in-10 (12%) Canadian businesses expect international trade to become easier over the next year – a significant decline from the 20% of leaders globally that expect things to get easier.
Even with borders reopening and enviable trade deals in place, it’s clear that many Canadian businesses may be comfortable focusing on shoring up their supply chains at home at the expense of pushing further into markets around the world. But while that may lead to short term peace-of-mind for some, it presents further risks for the future.
