Paul Martin's Business Update - April 11th, 2014

Paul Martin's Business Update - April 11th, 2014

Here’s an anomaly for you.

Saskatchewan is the most trade dependent province in Canada. As a percentage of our economy we export more than anyone else in the nation so, when the Canadian dollar declines as it has in the past few months, business owners should be doing cartwheels.

Instead, according to a study by CIBC, small business people in this province are the most unsettled in the nation by the development.

The bank’s exploration found that the most likely to be worried were people in the importing category because the cost of goods they bring into the country are going up in relative terms.

Roughly a third of all small businesses nationally said the currency devaluation was worrying them….but here in Saskatchewan the number was far higher – 50 per cent, tops in Canada.

And worrying seems to be all they’re doing about it. Roughly two-thirds said they had no plan in place to deal with foreign exchange volatility and those who were ready said cuts in spending was their primary weapon for dealing with margin erosion caused by a lower Canadian dollar.

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