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Credit crunch boosts Canada export agency business

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OTTAWA (Reuters)—The economic slowdown and resulting credit crunch have boosted demand for financing and trade insurance at Export Development Canada, the government credit agency said Tuesday.

Financing and insurance volumes reached $17.4 billion Canadian ($14.0 billion) in the first quarter, up nearly $1 billion Canadian ($806.5 million) from the same period in 2008, EDC said in a statement.

"Current demand for EDC's programs and services is likely to continue given market conditions," it said.

The agency, which offers financing and risk management services to Canadian exporters and investors, underwrote more than $1.025 billion Canadian ($826.6 million) in business volume in the auto sector in the first quarter. The main product was accounts receivable insurance, which totaled $706 million Canadian ($569.4 million).