Strong Canadian dollar hurting exports
EmptyOTTAWA -- Canadian exports of film and TV product to the U.S. have been hammered by the surging value of the Canadian dollar over its U.S. counterpart, Statistics Canada reported Monday.
The government's statistics agency, releasing a report on trade in cultural products between Canada and the U.S., said that Canadian film and video exports across the border fell to CAN$499.1 million ($466 million) in 2006, compared with CAN$590.5 million a year earlier.
The report noted the "drop in the American dollar relative to the Canadian dollar has consequently made Canada's exports less attractive to its largest trading partner."
Despite the Canadian dollar falling in value against the Euro and British sterling, domestic supporters saw little consolation, as about 90% of Canadian cultural goods exports go to the U.S., the report noted.