A BMO survey shows the US is still the most popular market by a wide margin for Canadian companies looking to expand internationally, with the EU ranked second.
TORONTO: The US is still the most popular market by a wide margin for Canadian business owners looking to expand internationally, with the EU ranked second, according to a new report from BMO Bank of Montreal.
The Leger Marketing survey results, which compare 500 small business owners’ views from a year ago, appear to reflect a strengthening US economy, with 68% looking to expand in the US, up 12% from 2011, says the bank.
“Canadian businesses appear to be positioning themselves to take advantage of an expected pick up in the global economy in the later part of this year,” says Benjamin Reitzes, senior economist, BMO Capital Markets. “While the domestic market is important, geographical diversification can be an engine for growth as well.”
Similar to last year, about 32% of the respondents are interested in growing their business in Europe, despite continuing economic challenges, most notably in Greece.
Other markets include India (15%), Central and South America (15%), China (12%), and Mexico (6%).
The online survey was conducted between March 21and April 12 with a margin of error of ±4.38%, 19 times out of 20.