Have you ever heard the acronyms “BRICs” or “MINT”? BRICs refer to the countries of Brazil, Russia, India, China and South Africa. These countries are emerging and predicted to become wealthier than most of the current major economic powers. MINT refers to nations, Mexico, Indonesia, Nigeria and Turkey that are expected to provide high investment returns over the coming decades. MINT countries are seen as the “new” economies to watch.
China and India are predicted to be the world’s dominant suppliers of manufactured goods. Brazil and Russia are predicted to become dominant suppliers of raw materials. South Africa is also rich in natural resources like gold, diamonds and platinum. The MINT countries have large available workforces, governments supportive of economic growth and have economic diversification strategies.
Are businesses in Edmonton exporting to these countries? Enterprise Edmonton evaluated the export trends of five manufacturing sectors in Alberta, prominent in Edmonton: petroleum and coal product manufacturing, fabricated metal product manufacturing, machinery manufacturing, chemical manufacturing and food manufacturing to determine if businesses are diversifying exports.
Export diversification away from the American market has taken place, since the American economic downturn of 2008 to 2009 during the financial crisis. While the majority of these manufacturing sector exports still travel to our neighbours to the south. Exports are increasing to BRICs and MINT countries:
- China appears as one of the top five export destinations for all five of the analyzed manufacturing sectors. For 2017 the Chinese oil and gas market is forecast to have a value of $415.7 billion, an increase of 1.4% since 2012. (Source: MarketLine)
- Mexico is a key destination for Alberta food products and manufactured chemical products. In 2018 the Mexican food retail industry is forecast to have a value of $221.1 billion, an increase of 29.1% since 2013. In 2017, the Mexican chemicals market is forecast to have a value of $42.1 billion, an increase of 36.2% since 2012. (Source: MarketLine)
- Brazil has increased imports for manufactured chemical products. In 2017, the Brazilian chemicals market is forecast to have a value of $164.1 billion, an increase of $39.7% since 2012. (Source: MarketLine)
- Machinery exports have also increased form Alberta to Russia and Nigeria. Often machinery in Alberta is based on the oil and gas sector. In 2017, the Russian oil & gas market is forecast to have a value of $170.1 billion, an increase of 5.8% since 2012. In 2017, the Nigerian oil & gas market is forecast to have a value of $13.7 billion, an increase of 20.2% since 2012. (Source: MarketLine)
Does your business want to explore export opportunities to export to MINT and BRICs countries? To better help your business in its international expansion efforts, Enterprise Edmonton has obtained specialized market intelligence databases to assist your business with research when going global. Please contact Enterprise Edmonton at firstname.lastname@example.org for more information on how your company can benefit from market intelligence available through our International Trade Program.