RBC Report Calls for Bold Agri-Food Strategy to Diversify Canada's Trade and Unlock $44 Billion in New Export Growth

TORONTO, Feb. 25, 2025 /CNW/ - Canada's agricultural sector is poised to lead a new era of trade diversification, but only if it acts decisively. A new RBC Thought Leadership report, Food First: How Agriculture Can Lead a New Era for Canadian Exports, outlines a plan to expand Canada's global market share by 30% and drive $44 billion in new agri-food exports by 2035.

"This research highlights a critical moment for Canada's agri-food sector. While Canada's agricultural exports have quadrupled in value since 2000, its global market share has shrunk by 12% as competitors like Brazil and Australia expand into high-growth regions. With rising trade uncertainty and escalating tariffs in North America, Canada must accelerate efforts to diversify its trading partners, particularly in Southeast Asia, Africa, and the Middle East," states Lisa Ashton, Agriculture Policy Lead, RBC Thought Leadership and author of the report.

To achieve this, RBC worked with the BCG Centre for Canada's Future to build a model projecting export market share potential. The Food First report introduces a national roadmap designed to unlock Canada's full potential as an agricultural powerhouse.

"Canada has long been one of the world's leading food producers," said John Stackhouse, Senior Vice President, Office of the CEO, RBC. "We have an opportunity to turn agriculture into a driving force for trade diversification and if we act now, we can ensure Canadian farmers, processors, and exporters are well-positioned to lead the global food economy rather than losing ground to competitors. This report lays out a clear roadmap to strengthen our trade relationships, scale our agri-food industries, and make Canada a leader in sustainable, high-value food production."

The release of the Food First report marks a key milestone in RBC's broader efforts to help Canada build a resilient and diversified economy. The report is part of series of major initiatives tied to the RBC Trade Hub, a platform designed to provide data-driven insights, strategic recommendations, and actionable solutions for Canada's trade future.

Through the Trade Hub, RBC will bring together business leaders, policymakers, and industry experts to drive forward a new vision for Canadian trade - one that strengthens North America while expanding globally.

Key Recommendations from the Food First Report

1. Innovation: Accelerate the adoption of precision farming and food processing technologies to increase productivity and efficiency.
2. Capital: Scale up agri-food processing clusters to add value to raw commodities and expand Canada's footprint in global markets.
3. Digital access: Close the 5G and high-speed internet gap in rural Canada to unlock the full potential of digital agriculture.
4. Export Infrastructure: Modernize ports, logistics, and transportation networks to reduce bottlenecks and improve export reliability.
5. Global marketing: Strengthen market development efforts and regulatory alignment in high-growth regions like Southeast Asia, Africa, and Latin America.

About RBC Thought Leadership
RBC Thought Leadership strives to deliver critical insights to help businesses, policymakers, and communities make informed decisions in a changing world. From geopolitical shifts to Canadian growth and productivity, disruptive technology, and the future of skills, its research is designed to provide meaningful insights that can help drive prosperity for all Canadians. You can find out more about RBC Thought Leadership at https://thoughtleadership.rbc.com/.

About RBC
Royal Bank of Canada is a global financial institution with a purpose-driven, principles-led approach to delivering leading performance. Our success comes from the 98,000+ employees who leverage their imaginations and insights to bring our vision, values and strategy to life so we can help our clients thrive and communities prosper. As Canada's biggest bank and one of the largest in the world, based on market capitalization, we have a diversified business model with a focus on innovation and providing exceptional experiences to our more than 18 million clients in Canada, the U.S. and 27 other countries. Learn more at rbc.com.

We are proud to support a broad range of community initiatives through donations, community investments and employee volunteer activities. See how at rbc.com/peopleandplanet.

For more information, please contact:
Frances Dawson

SOURCE RBC