By The Canadian Press

Report calls for bold strategy to diversify Canada’s trade

Feb 25, 2025 | 10:28 AM

A new RBC report says the Canadian agriculture industry needs to expand its international exports to hedge against US tariffs and hold its own against global competitors.

Food First: How Agriculture Can Lead a New Era for Canadian Exports says amid the looming tariff threat, Canada’s agriculture and agri-food sector is vulnerable as more than 60 per cent of its exports go to the US.

It says Canada has become too reliant on the US as over the years it’s become a dominant supplier for American grocery stores, even though the relationship benefits both countries.

For instance, about 96 per cent of Canada’s canola oil went to the US in 2024, while Canada also supplies the vast majority of potash for American farmers.

It says that on the global stage, Canada is falling behind when it comes to agri-food exports, meaning there are opportunities for growth outside of the US.

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With the right investments, the report says Canada can increase its global share of agri-food exports, adding $44 billion in export value for the sector by 2035.

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The Canadian Press