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News 28

The British are coming—for our gold

On April 2, Bank of Canada Governor Mark Carney stepped in front of a business crowd in Waterloo, Ont. to speak about the state of Canada's foreign trade. His message, more or less, was this: we need to break our national reliance on exports to the U.S.-the country is a wounded behemoth, and we would do better to focus on trade with economic up-and-comers. By that the governor probably meant the likes of China and India. But by looking at our trade numbers, one would think Canadian exporters are taking it to mean the U.K. as well.

Over the past decade, the value of Canadian exports to the centre-piece of the Commonwealth have skyrocketed. In 2011, they hit a record high of $18.8 billion, up more than 324 per cent since 2002. The U.K. is now Canada's second biggest export partner-while China is only third.

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