Value-added exports are driving economic growth in Canada, and the aerospace industry is leading the pack.
According to Rabble, there has been significant growth in the last two years in the five main value-added commodity sectors: electronics, auto, aerospace and other transport equipment, consumer goods and machinery. Transportation exports were the largest contributor to the growth, registering a 42 percent two-year compound growth, which was largely fueled by the aerospace sector.
The source noted that aerospace is one of the few high-tech sectors in the country that creates a trade surplus.
Value-added exports surpassed primary exports in 2015 to make up the largest share of national exports, the source reported. The gains have improved the Canadian trade environment, which had received significant damage the year prior.
The aerospace industry added more than $29 billion to the gross domestic product of Canada and 180,000 jobs to the workforce in 2014, according to a report by Industry Canada and the Aerospace Industries Association of Canada. The aerospace maintenance and repair overhaul industry held a 27 percent share of direct GDP while the aerospace manufacturing industry held a 73 percent share.