Oil and natural gas boost Canada’s export performance
Canada’s energy exports over the first nine months of 2022 were $109 billion higher than over the same period in 2020
By Rob Roach, ATB Economics 7 November 2022 1 min read
A lower Canadian dollar, higher commodity prices, increased production and the global economic rebound that followed the first year of the pandemic have led to a major turnaround in Alberta’s export performance.
Year-to-date international merchandise exports from Alberta were up by 58% as of September 2022 compared to the same period in 2021 and were an eye-popping 129% higher compared to the first nine months of 2020.
Energy exports (mostly oil and natural gas) account for 89% of the improvement in 2022 over 2020.
The increase was also significant nationally, but not as dramatic as it has been for Alberta.
As of September, year-to-date merchandise exports from Canada were 28% higher than last year and 56% above where they were in 2020.
Canada’s energy exports over the first nine months of 2022 were $109 billion higher than over the same period in 2020 with the rise accounting for 56% of the increase in total exports.
Answer to the previous trivia question: According to Alberta’s youth employment laws, people aged 14 and under (with some exceptions) need to get the permission of a parent or guardian to work.
Today’s trivia question: Measuring in dollars, which province exported the most electricity to the U.S. in 2021?