Exports doing much better in 2021
As is usually the case, oil and gas exports are a key theme
By Rob Roach, ATB Economics 7 July 2021 1 min read
What a difference a year makes.
Over the first five months of 2021, Alberta’s international merchandise exports are $10.2 billion higher (+26%) than over the same period in 2020. At $49.8 billion, this is the highest level since the boom of 2014.
Even after adjusting for inflation, Alberta’s year-to-date exports were still 21% higher than in 2020 and the second highest since the peak set in 2014.
Alberta’s energy exports over the first five months of 2020 were $7.6 billion lower than they were over the same period in 2019. Fast forward to the first five months of 2021, and they were $7.3 billion higher than in 2020.
Both better prices (the Western Canadian Select oil price benchmark went from US$18 per barrel over the first five months of 2020 to US$48 over the same period in 2021) and increased volume drove energy exports higher.
Other sectors have also performed well so far in 2021 with only three major export categories—industrial machinery, equipment and parts; motor vehicles and parts; and aircraft and other transportation equipment and parts—posting lower year-to-date sales.
Answer to the previous trivia question: The first Edmonton Folk Music Festival was held in 1980.
Today’s trivia question: What was the average price of a barrel of Western Canadian select oil in April 2020?