How Export Portal Can Help Canadian Businesses Benefit from a Weak Loonie

Newsbreaks on radio, television news programs, and daily email news briefings typically end by stating what the loonie is trading at on that day or at the close of the market. In the past few years, this has been a consistently bad update. Or has it? At the time of writing, the loonie is trading at 74 cents US. It has been in the mid-to-low 70s for years now. This, of course, poses problems for Canadians, Canadian businesses, and the Canadian economy at large. But, as the old saying goes, with crisis comes opportunity.

While a low dollar might seem like a crisis every time a Canadian takes a trip to the US, it comes with some advantages. For one, it’s great for the Canadian film industry; a weak dollar entices American production companies to head north of the border to reduce filming costs. Evidence of a weak Loonie in the mid-to-late ‘90s can be seen in how many American films and TV shows are set in “New York,” but are filmed in Toronto.

But if you’re not in the film business, how can you benefit from a weak loonie? When it comes to trade, there is an obvious possible benefit: bringing in revenue in American dollars increases your spending power at home. It might also allow you to undersell international competitors. There’s much talk of the transition from NAFTA to the USMCA, and while there are essential details in the changes, it’s not going to affect every industry dramatically. The truth is, now is a great time for Canadian businesses to try to go international or even global.

Small and medium-sized enterprises (SMEs) should take advantage of this window of free trade and a weak Loonie. The question is, how? That’s the tricky thing about trade; you can’t do it unilaterally. It would be best if you had a trading partner. How can you find one? Export Portal has been helping Canadian SMEs find clients Stateside and elsewhere for years. And while now is a good time for Canadian SMEs to grow internationally, trade never comes without risk. But by using Export Portal’s escrow services, small businesses have been able to minimize their risk.

Let’s face it – while politicians on both sides of the border extoll the virtues and importance of small businesses, they rarely give enough support to them. But Export Portal can step in to fill the gap by helping Canadian SMEs access new markets, discover new technologies, and learn the necessary administrative skills to conduct international trade. And don’t forget the pesky yet imperative process of transporting products from Point A to Point B; Export Portal connects Canadian SMEs to reputable shippers. Export Portal is determined to provide small businesses with the information and resources that have traditionally only been available to larger companies. Register for free today!