Dennis Gartman, fresh off an 18-hour trip to Quebec, Canada, today writes about Greece, Commodities, and Canada in his Gartman Letter.Canada has an “excellent…and getting better” port system that allows exports to move through the country swiftly and quickly, enabling it to become a major hub and trade conduit for countries like Brazil and Russia.
Part of the reason why Canada is so attractive are its low taxes and low borrowing costs, a luxury countries like ours haven’t enjoyed for quite some time. Bank of Canada’s Paul Jenkins says that Canadian exporters are going through “significant restructuring,” adding:
Canada’s export sector has had to adapt to a strong Canadian dollar, intense competition from emerging-market economies, and the shift in the relative weight in global demand from advanced economies to emerging-market economies. Significant restructuring is already occurring in many sectors [including lumber and automobiles.