加拿大中央银行：2025年货币政策报告（英文版）

Exports were weak over the first three quarters of 2024 despite the strength in foreign demand. While part of this weakness likely reflects ongoing competitiveness challenges, temporary factors are also at play. These include short-term shutdowns at some Canadian and US motor vehicle facilities. Export growth is estimated to have risen sharply to around 4.6% in the fourth quarter, mostly reflecting a surge in the exports of gold and pharmaceuticals, which tend to be highly volatile. This rece