Farmscape for May 16, 2017
Farm Credit Canada's Chief Agricultural Economist says the food processing sector has the opportunity to contribute even more than it already is to Canada's economic well being.
Farm Credit Canada has analyzed the importance of Canada's food and beverage exports to the Canadian economy.
J.P. Gervais, Farm Credit Canada's Chief Agricultural Economist, notes the Council of Economic Growth, established by the Minister of Finance, identified food as one of the few engines of growth for the future economic well being of Canada so there is a recognition of the importance of the food sector and a lot of momentum around food.
Clip-J.P. Gervais-Farm Credit Canada:
We've been able to grow significantly over the last few years.
I would say for the last five years the growth has been very strong, outpacing any type of other manufacturing sectors as well as any other sectors of the economy basically.
Really that's been a very strong sector of growth for us.
The part that is amazing is that, if you look at our growth, we've basically been able to grow at roughly the same pace as how the world food manufacturing sector has grown so we're basically just keeping up with the overall growth in the world market place.
For us there's an opportunity I believe to try to capture even more of that growth and perhaps outpacing other sectors or other countries that are also in that space of the food sector.
There's really potential for us because we're basically just barley touching our full potential when it comes to adding value to commodities that are produced on Canadian farms and keep more of these commodities within our borders so that we can add value to these and sell it to the world.
We're just scratching the surface when it comes to what we can achieve in terms of potential.
Gervais notes food manufacturing is the largest manufacturing sector in Canada and is responsible for one in eight Canadian jobs.
For Farmscape.Ca, I'm Bruce Cochrane.
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