As a major seller of crude oil and natural gas to the United States, the value of Alberta’s international exports are affected by swings in the prices of these commodities.

Last spring and summer, energy prices spiked in the wake of the Russian invasion of Ukraine and so did the value of Alberta’s international exports.

Alberta’s international merchandise exports were 85% higher in May 2022 than in May 2021, going from $10.1 billion to $18.7 billion.

The value of Alberta’s energy exports went up by 116% ($7.9 billion) over the same period.

Fast forward to May 2023, we see that Alberta’s monthly exports were down by 21% ($4.0 billion) compared to the previous May largely due to lower prices for oil and natural gas.

Energy product exports in May 2023 were higher than two years earlier, but down by 25% ($3.7 billion) compared to May 2022.

This year-over-year pattern will, barring new energy price spikes, continue to prevail over the rest of the summer and fall as monthly export revenues come in lower vis-à-vis the sharp increases experienced last year.

Answer to the previous trivia question: The New York Stock Exchange is the largest in the world with a market cap of around US$24 trillion.

Today’s trivia question: In what year was the first Calgary Stampede held?