Exports down but still high in April
Somewhat softer oil prices reduced export value in April compared to March
By Rob Roach, ATB Economics 8 June 2022 1 min read
The large and volatile impact of oil prices on the Alberta economy is evident in April’s international export data.
Oil prices in April remained strong, but were lower than in March. This was the main reason the total value of Alberta’s merchandise exports was 3.1% or $537 million lower in April than in March. (The value of energy product exports was down by 3.7% or $502 million lower.)
Notwithstanding the monthly pullback, the turnaround in oil prices compared to a year ago has sent Alberta’s total exports to record levels.
In April 2021, the WTI oil price benchmark averaged US$62 a barrel versus US$102 in April 2022.
The higher prices, combined with an increase in the amount of oil we exported, helped push up the value of the energy products category by 95% ($6.3 billion) compared to April 2021. Alberta’s total exports for the month went up by 67% ($6.8 billion).
Despite higher prices for many farm and food products, the value of agricultural exports slipped by 9.6% ($71 million) in April with last year’s dry conditions reducing the volume of sales.
Answer to the previous trivia question: According to Worldometer, the current population of Mexico is 131,499,993.
Today’s trivia question: At 77%, “energy products” accounted for the largest share of Alberta’s total exports in April. Which category was second on the list?