B.C. businesses are looking away from U.S. suppliers even if it’s more expensive to do so.
That’s according to a Wednesday survey from the Business Improvement Areas of B.C. showing 58 per cent of small and medium-sized businesses are seeking alternative sources, while 59 per cent of respondents are looking for a Canadian partner.
The survey also showed 84 per cent of respondents are doing so even if it brings higher costs and a blow to their profits.
BIABC president Jeremy Heighton said in a statement that business owners and consumers are shifting to a “buy Canadian” pattern.
However, 12 per cent of businesses say they are unable to shift suppliers at the moment due to contracts, according to the survey. Some are short-term contracts and others last up to three years.
A BIABC press release said most SMBs have a mix of supplier partnerships across B.C., Canada and the U.S.
The federal government has hinted towards a reorientation of Canada’s trading partners following the implementation of U.S. tariffs targeting the country. At a March 27 cabinet meeting in Ottawa, Prime Minister Mark Carney stated the old relationship with the U.S. was over.
However, pivoting away from the U.S. could be unrealistic, Werner Antweiler told BIV earlier this month. The associate professor at the University of British Columbia’s Sauder School of Business said “Geography is destiny when it comes to international trade,” especially when B.C. relies heavily on trade with the U.S.
The majority of businesses surveyed — 161 businesses from BIAs around B.C. provided feedback — said they were willing to negatively affect their profitability, increase prices for consumers and delay growth or expansion plans rather than buy American goods.
—With a file from Andrew Duffy, Times Colonist
