Study shows Canadians more concerned about trade dependence than credit
crisis in aftermath of market fallout
MISSISSAUGA, ON, Oct. 30 /CNW/ - An October survey conducted by Angus
Reid Strategies(TM) and commissioned by UPS Canada shows 36 per cent of
Canadians believe the country's trade dependence on the U.S. is the primary
cause of Canada's current economic troubles, while only seven per cent
attributed the downturn in the economy to the inaccessibility of credit that
has marred U.S. financial markets.
As the global economic fallout continues to leak into Canada, a majority
(53 per cent) of Canadians polled on Oct. 16 still maintain that globalization
has been a benefit to the country.
"In anticipation of a market fallout, UPS surveyed Canadians on their
economic views in late August with the intention of re-exploring those views
as the financial crisis progressed," said Mike Tierney, president of UPS
Canada. "When the second poll was conducted, we anticipated a much higher
degree of concern related to U.S. credit unease, but in fact Canadians made it
even clearer that U.S. trade dependence was of much greater concern."
The results show a 56 per cent rise in concern among Canadians about
Canada's trade relationship with the U.S. from only six weeks earlier, when
only 23 per cent of Canadians attributed Canada's economic downturn to U.S.
"Clearly Canadians are becoming more aware of the dangers associated with
limiting trade activity to the U.S." said Tierney. "Nevertheless, the vast
majority still see globalization positively, which could translate into the
broadening of that activity beyond North America's borders."
Though concern over the credit crunch remains low, the recent
international market fallout resulting from it has made Canadians more aware
of its potential impact north of the 49th parallel. In fact, in late August
(prior to the crisis), only one per cent of Canadians polled believed Canada's
bad economic tidings were linked to the reduction of credit availability.
"There's definitely been a shift in how Canadians see the relationship
between the U.S. financial markets and the stability of our economy here,"
said Tierney. "It links into the overall theme that while it's important to
maintain strong ties with our neighbours, it's equally important not to put
all our eggs in one basket and to seek out additional trade opportunities
Meanwhile, 11 per cent attributed the recent economic downturn in Canada
to the impact of the loonie's recent appreciation and its impact on the trade
relationship between Canada and the U.S.
The Angus Reid poll was conducted on Oct. 16, polling 1,033 respondents
across Canada and has a margin of error of +/- 3.1 per cent.
UPS is the world's largest package delivery company and a global leader
in supply chain and freight services, offering an extensive range of options
for synchronizing the movement of goods, information and funds. Headquartered
in Atlanta, Ga., UPS serves more than 200 countries and territories worldwide.
UPS's stock trades on the New York Stock Exchange (UPS) and the company can be
found on the Web at UPS.com. To get UPS news direct, visit
For further information:
For further information: Shannon Morton, APEX Public Relations, (416)
924-4442 ext. 253, firstname.lastname@example.org; Steve Vitale, UPS Canada, (905)