Energy exports from Alberta up in February
The rise in energy exports offset month-over-month declines in other export categories
By ATB Economics 8 April 2021 1 min read
The latest international merchandise trade numbers show Alberta’s foreign exports rose by 8 per cent ($665.6 million) in February compared to the month before and by 6 per cent ($568.5 million) compared to the previous February.
The increase was almost entirely due to a spike in energy exports. The value of energy product exports increased by 17 per cent ($974.2 million) on a month-over-month basis and by 5 per cent ($352.9 million) compared to February 2020.
The rise in energy exports offset month-over-month declines in other categories including agriculture and agri-food products (-13 per cent or $95.7 million); chemical, plastic and rubber products (-11 per cent or $77.0 million); and consumer goods (-11 per cent or $44.0 million).
Despite the drop compared to January 2021, agriculture and agri-food exports in February 2021 were up by 22 per cent ($119.6 million) vis-à-vis February 2020.
The forestry products and building and packing materials category was also a strong year-over-year performer, up 47 per cent ($145.0 million).
The industrial machinery, equipment and parts category has the most ground to make up with exports down 23 per cent ($59.0 million) compared to February 2020.
Nationally, international merchandise exports decreased by 3 per cent ($1.3 billion) compared to January, but were 2 per cent ($649.6 million) higher than in February 2020.
Answer to the previous trivia question: Which country produces more oil: Canada or China? In 2020, Canada produced 5.29 million barrels per day of oil and oil equivalents while China produced 4.93 (U.S. Energy Information Administration).
Today’s trivia question: When did the new Canada-United States-Mexico Agreement (CUSMA) enter into force?