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Alberta exports begin to slide

Alberta exports begin to slide

Posted on: 9/6/2017 | Author: ATB Financial's Economics + Research Team

Alberta’s exports have begun to slide. Between July and June, total exports slipped 6.5 per cent. A large part of the decline over the month was because of Alberta's energy exports which dipped nine per cent to $5.1 billion.

But it’s not all energy. Agricultural and food products and forestry and chemical products are other important exports from our province. Exports of farm and food products fell seven per cent and exports of forestry products slipped nine per cent over the course of the month. Meanwhile, exports of chemicals and plastics grew eight per cent from June to July.

The fact that energy prices haven’t rebounded significantly is part of the reason for a softer trade report. In addition, the US–our number one energy customer–continues to produce its own energy at near-record levels. Still, prices are up from a year ago. This has helped the value of total exports from Alberta recover over the last 12 months. Exports in July were up 23 per cent year-over-year.

Despite the year-over-year growth, July’s trade report for Alberta was soft. That said, there’s reason to be optimistic. Exports from Alberta are up considerably from last year and the American economy continues to do well. And, even though the Canadian dollar has increased in value, it shows no signs of strengthening too much further anytime soon. Altogether, these things mean demand for Canadian and Albertan goods should pick up and help provide economic growth for both the province and the country this year.

Alberta - International exports, graph

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