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Rising loonie hits auto sector: Crimps exports, earnings.
(From Financial Post)
Byline: Nuntawun Polkuamdee
The Canadian auto sector could see new plant investments dry up and its trade surplus disappear if the dollar continues to surge, industry watchers warned yesterday.
"This is a no brainer," said Jim Stanford, an economist at the Canadian Auto Workers union. "The higher your dollar, the more expensive your exports and the less successful you are in international markets."
Mr. Stanford's comments come after the rising Canadian dollar capped off its steep ascent this year by reaching a seven-year closing high of US75 cents yesterday.
Indeed, the loonie's rapid rise means Canadian auto exports -- which account for about half the country's total merchandise shipments -- become less competitive, resulting in lower shipments and a lower dollar value on goods sent to the United States, Mr. Stanford said.
That is a key concern for a sector that last year sent about 90% of the 2.6-million vehicles produced in this country south of the border.
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