Top 5 Alternative Markets for Canadian Businesses

International trading and exports have been major contributors to the Canadian economy. Over the past decades, a lot has changed when it comes to global trading. With this, the potential markets for Canadian businesses have also changed to a great extent. Countries such as India, South Korea, etc, which used to be 7th and 10th (respectively) in the list of Canada’s trading partners are expected to come to the 5th and 6th position over the next decade. 

It is important for Canadian companies to be aware of these insights so that they can identify the right potential markets and expand their business in the right manner. Further in this blog, we have listed the top 5 alternative markets for Canadian businesses and the role of digital marketing in helping them achieve their goals:

1. United States

The U.S. has been the biggest trading partner of Canadian businesses for decades and it is still expected to remain significant. However, Canada’s export share to the U.S. will likely decline as more countries emerge as Canada’s trading partners. As per a study, Canadian exports to the U.S. are expected to decline from 74% to 65% by 2050. 

Though Canadian exports are touching hundreds of billions of dollars in the U.S., it may be surprising to hear that Canadian exports are still underperforming in the country. Considering CUSMA (Canada-United States-Mexico Agreement), Canada can do much better in the U.S. market and probably, digital marketing will play a crucial role in helping Canadian businesses reach greater heights in the US market in the coming years.

2. China

China is Canada's second most important trading partner. Being the world’s largest importer, China has become a potential market for Canadian businesses. Moreover, the fast-growing economy of the country along with the increasing middle class makes it a considerable option for exporters all around the world. 

Canada has seen significant growth in the mining and agriculture sector due to its trading partnership with China. As of the year 2022, the total trade between China and the U.S. was $758.4 billion. As some recent forecasts show that China’s GDP will surpass the GDP of the U.S., it remains a potentially beneficial market for Canadian businesses. 

3. United Kingdom

United Kingdom is the third largest trading partner of Canada with total trade of $47 billion in the year 2023. The political stability, cultural similarities, and geographical proximity are some relevant reasons behind this strong trade relationship between the two countries. 

Gold makes up a large portion of Canadian exports to the UK and hence businesses related to Gold still have a significant growth potential in the UK market. Identifying potential opportunities and investing in digital marketing might help Canadian businesses establish a better presence in the UK market.

4. Japan

Canadian exporters, as of now, are overperforming in the Japanese market. As of 2022, Canada’s total export value to Japan was $14.3 billion, which is undoubtedly a significant amount. Japan is a promising market for Canadian businesses, especially in the short term. Even in the long term, it seems like the continuously growing economy of the country will result in significant growth for businesses.

5. India

India, being one of the fastest-growing economies in the world, has become a potential market for Canadian businesses. Research suggests that India is expected to become Canada’s 5th largest trading partner over the next decade, which is currently its 7th largest trading partner. 

Canada’s service-related sectors, such as tourism, education-related travel, etc, have performed extremely well in the Indian market. As India’s demographics continue to improve, Canada’s service sectors are likely to become more relevant in this market in the near future. However, Canada’s goods export still seems to be lower than what it should be. 

Coming back to the services-related sector, the Indian market holds high potential for service-based Canadian businesses. And the best way for these businesses to reach their ideal Indian audience is to opt for digital marketing services.  

Concluding Thoughts

While Canadian businesses have been performing very well in the above-listed countries, they still haven’t identified maximum potential in some markets like India. Canada’s goods export can do much better in the Indian market. On the other hand, the service-based sector is performing well and can reach another level with the right digital marketing. Even in the UK, China, the US, and other countries, marketing, and advertising in the right manner can help Canadian businesses achieve their goals more efficiently. 

Being a reputed digital marketing agency, MadHawks can help Canadian businesses identify the right audience across global markets and increase their visibility. The team of professionals at MadHawks has helped numerous businesses reach their maximum potential so far. Yours can be the next. For any further information, get in touch with us by filling out the form below!