TORONTO, Ont. — Export Development Canada says Ontario auto exports will drop 6% this year, costing the economy about $4.8 billion.
The agency says heavy-duty truck exports will take the biggest hit, dropping 29% to $3.93 billion as a result of the 2007 emission standards.
The report blames the slumping US vehicle market for the decline. About 90% of Canadas auto output is shipped abroad. This year marks the third consecutive year of decline for the industry.
EDC economist Stephen Poloz said the heavy-duty truck market will begin to recover in 2008.
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