When it comes to the food and agricultural industries, trade deals between countries are often hugely significant in terms of economics. Indeed, exports of food products support a huge number of workers in the country; in fact, an estimated 47.4% of all Canadian beef and cattle is exported.
Canadian Meat Exports: A Growing Market
Regarding meat production, a large amount of the food produced in Canada is exported to other countries rather than being consumed at home. This is a trend that’s only increasing, too. Estimates suggest that around six hundred thousand tonnes of beef were exported alone in 2021, representing a vast jump compared to the previous year.
As such, there’s a very clear demand in the food and agricultural industries around the world for Canadian beef, and recent deals mean that a brand new country is set to benefit from the country’s produce: Guatemala.
What Does the New Meat Exports Deal Look Like?
The new deal between Canada and Guatemala is set to allow Canadian beef, poultry, and pork to be exported to Guatemalan markets – allowing a wider pool of people to enjoy the quality supplied by Canadian farmers and meat suppliers.
The deal focuses on meat products made on April Seventeenth or later, meaning that products being produced now will potentially be eligible for export. Considering that the total value of Guatemalan imports is valued at around $360 million, this could offer a small but nonetheless significant boost for producers.
Of course, the majority of exports will still be going to other markets, with the US remaining the single largest consumer and importer of Canadian meat. However, there is still hope that this new deal will spur a new era for Canada’s food industry businesses. Hopefully, the change will also be embraced in Guatemala’s markets, where exports often offer a premium opportunity for buyers to embrace high-quality products.
What the Deal Means for Guatemalans and Canadians
Canadian agriculture is a massive contributor to the overall economy, employing over two million people. As such, for farmers in the beef, pork, and poultry sectors, there’s likely to be a lot of excitement for this new deal, which may help support new opportunities for growers and producers (as well as wider food industry businesses in Guatemala). As such, the industry will no doubt be watching with great anticipation to see how the deal progresses.
The Canadian agriculture and agri-food minister, Marie-Claude Bibeau, has praised the new deal highly, explaining that, “The success of Canadian agriculture depends heavily on Canada’s ability to export to the world, and Guatemala presents many opportunities for our exporters.” As such, there is great optimism for this new deal, and it is hoped that the deal may help bolster Canadian food and agricultural industry businesses that have recently struggled with high transportation costs and issues with supply chains.
Overall, the new deal appears to have been met with great excitement by the markets and industry. As such, there will likely be further developments going forward, too.
As Canada celebrates a new meat trade deal with Guatemala, the aluminium mining industry is also expected to grow.