The New Brunswick government wants to put local businesses on the global map. Premier Susan Holt recently unveiled a new market diversification strategy aimed at expanding the province’s export reach beyond the United States.

The plan, titled “Local roots, global reach,” sets clear targets to increase international and interprovincial trade. According to CBC News, the province plans to boost international export revenue outside the U.S. by nearly 16 percent over the next four years. Interprovincial trade targets are even higher, with a goal of a 60 percent increase by 2030.

Breaking Dependence on a Single Market

For years, New Brunswick relied heavily on trade with the United States. The current economic climate demands a broader approach.

“We need to reach new customers, and we need to diversify our traditional export markets,” Holt said during the announcement. “We cannot continue to be as dependent as New Brunswick has been on one marketplace and on one relationship.”

The strategy identifies Canada, Europe, and Asia as top priorities. Specifically, the province wants to build stronger relationships with Germany, France, India, Japan, and South Korea. Asian markets show a strong demand for New Brunswick seafood and food products. European markets present opportunities in the energy and industrial sectors.

The Port of Saint John Leads the Charge

If you live in Saint John, this strategy directly impacts your local economy. The Port of Saint John plays a massive role in hitting these new targets.

Holt highlighted the recent $463 million investment in the Port of Saint John. This funding allows larger ships to move more goods through the city. A recent deal with Ontario also designates the Port of Saint John as a primary trade hub, positioning the city as a critical link in the national supply chain.

“We’re going to have to get aggressive,” Holt said regarding the push to meet these ambitious goals.

Supporting Local Businesses

The strategy outlines four main actions: supporting export ready businesses, expanding market access, increasing global presence, and strengthening domestic supply chains.

Economic Development Minister Luke Randall noted the plan will “help businesses at various stages of exporting become more competitive, more productive and more visible on the global stage.”

Getting local products into major Canadian retailers is a major focus. “When you can get a New Brunswick company onto the shelves of Costco or Walmart or Loblaws, all of a sudden their order book more than doubles,” Holt explained.

To kickstart the international effort, Holt is traveling to Cambodia and South Korea. She will lead a delegation at the 20th Summit of the Francophonie in Phnom Penh to promote provincial businesses to francophone nations.

Frequently Asked Questions

What is the main goal of New Brunswick’s new export strategy?

The strategy aims to diversify export markets and reduce the province’s reliance on the United States. The government plans to increase international exports by 16 percent and interprovincial trade by 60 percent by 2030.

How does this impact Saint John?

The Port of Saint John is central to this plan. A recent $463 million investment allows the port to handle larger ships and more cargo. A new trade agreement with Ontario also designates Saint John as a key port for national trade.

Which international markets is New Brunswick targeting?

The province is focusing on Europe and Asia. Key target countries include Germany, France, India, Japan, and South Korea. There is a specific focus on exporting seafood to Asia and energy products to Europe.

What steps is the government taking right now?

Premier Susan Holt is leading a trade delegation to Cambodia and South Korea. She is attending the 20th Summit of the Francophonie to pitch New Brunswick businesses to international partners.