Canadian small and medium-sized enterprises (SMEs) are reporting strong growth over the past year, according to a survey by HSBC.
Despite the uncertainty over the global economy, 89% of medium-sized Canadian firms reported growth in their international business during the past 12 months. More than half (51%) said their international business grew faster or at the same pace as their domestic business.
The survey found that 80% of Canadian companies are doing international business, above the national average of 76%. While the bulk of business was in the U.S. (88%), China was the second key country where international business was being conducted, after Germany, Mexico and Japan.
About 56% of Canadian business respondents expect revenue from international business to grow faster during the next two years, with two-thirds planning to expand their international business in that time frame.
Matthew Bosrock, deputy CEO of HSBC Bank Canada said, “As emerging markets lead the way to economic recovery globally, there’s no better time for Canadian companies to take advantage of the opportunity to invest in new markets.”