Energy products drove export growth in August
Most sectors still have large holes to fill with year-to-date sales down in 9 of 12 major export categories
By ATB Economics 6 October 2020 less than a minute
Higher energy exports helped push Alberta’s international merchandise sales up by 5 per cent ($356 million) in August compared to July. (The data are on a customs basis and have not been adjusted for seasonal effects.)
Monthly exports, however, remain below pre-pandemic levels with year-over-year sales down by $2.3 billion (-24 per cent).
Adding up the exports over the first eight months of the year, a $19.8 billion hole still exists compared to where we were last year.
Despite improving by 7 per cent in August, monthly energy exports were down by 31 per cent ($2.2 billion) compared to August 2019 while the year-to-date figure was off by $17.8 billion.
Most sectors still have large holes to fill with year-to-date sales down in 9 of 12 major export categories. Food products are a notable exception with sales up by 6% ($328 million) over the first eight months of the year.
Nationally, exports edged up by 1% in August over July, but were down by 12% on a year-over-year basis.