After climbing to the highest level on record at the end of the first half of 2022, exports out of Alberta took a step back in July.

The value of Alberta’s international merchandise exports fell $188 million (-1.0%) to $18.6 billion in July.

Despite robust oil export volumes, our energy export revenues (-1.7%) couldn’t withstand the impact of oil prices sliding from US$115 in June to US$102 in July and were responsible for most of the aggregate monthly pullback.

Meanwhile, farm, fishing and intermediate food product exports (+21.1%) posted the largest monthly increase (in dollar terms) in nine months.

Overall, the monthly dip was not enough to make the cumulative revenues over the first seven months look any less outlandish. Through July, the value of Alberta’s international goods exports were up by $44.6 billion (+60.7%) relative to the same point in 2021 with energy exports alone driving over 93% of this total increase (in dollar terms).

Nationally, exports fell for the second straight month but remained $93.7 billion (+28.8%) higher year-to-date.

With oil prices ticking down again in August, we expect a fairly similar story for Alberta’s exports in next month’s trade report.

Answer to the previous trivia question: Alberta’s real GDP per capita peaked in 2014 at $85,716. (Alberta’s real GDP per capita was $75,796 in 2021.)

Today’s trivia question: When did the softwood lumber dispute between Canada and the U.S. begin?