Alberta’s export sector continues to hum along
Adjusting for inflation, the value of Alberta’s exports over the first 7 months of the year was 1.4% higher than the same period in 2019
By Rob Roach, ATB Economics 8 September 2021 1 min read
Despite contracting by 2.4% ($286 million) in July, Alberta’s international merchandise exports were 65.8% ($4.6 billion) higher than 12 months earlier and 5.7% ($627 million) above where they were in July 2019.
Although still strong, lower prices pushed the value of forestry exports down by 22.7% ($169 million) in July compared to June. Exports of chemicals and plastics posted the largest monthly increase in absolute terms, with sales up by $36 million (4.2%).
Adjusting for inflation, the value of Alberta’s exports over the first 7 months of the year was 1.4% higher than in 2019 before the pandemic.
Inflation-adjusted sales from January to July were higher in 7 out of 11 main sectors in 2021 compared to the same period in 2019 with forestry sector exports up the most at 59.0% ($1.6 billion).
Our three largest customers all bought more goods from us over the first 7 months of 2021 than they did over the same period in 2019. Adjusting for inflation, exports to the U.S. were up by 0.3% ($201 million) while sales to China grew by 8.0% ($213 million) and sales to Japan rose by 37.7% ($126 million).
Even if the fourth wave of the pandemic dampens global trade, Alberta’s export sector is on a much stronger footing going forward than it was at this time last year.
Answer to the previous trivia question: ATB’s daily economic comment is called The Owl because Alberta’s official bird is the great horned owl.
Today’s trivia question: The United States, China and Japan accounted for what percentage of Alberta’s total international merchandise exports in July?