Export activity up again in January
Alberta’s exports reached a record $15 billion in January
By Siddhartha Bhattacharya, ATB Economics 9 March 2022 1 min read
Goods exported internationally remained at a record high for Alberta in January, but contracted nationally.
Alberta’s exports reached $15 billion in January, up $782 million (+5.5%) from December and over $5.9 billion (+65.3%) higher than 12 months earlier.
Buoyed mainly by higher oil and natural gas prices, the value of energy exports grew $673 million (+6.0%) and drove the majority (86%) of the overall monthly increase.
Meanwhile, after a short-lived decline in December, exports of basic and industrial chemical products rebounded 12.8% and offset the third consecutive pullback in farm, fishing and intermediate food product exports.
In terms of destinations, sales to the United States (our largest trading partner) rose by $855 million (+6.6%) and accounted for most of the aggregate increase while exports to China (our second largest export market) contracted by $84 million (-23.6%).
Nationally, the picture was less favourable. International exports were down $2.6 billion (-4.8%) from the previous month, but remained up $7.6 billion (+17.5%) relative to January 2021. The monthly drop was largely due to large declines in aircraft and other transportation equipment and motor vehicles and parts.
Note that some border crossings between Canada and the U.S. were blocked by protesters starting at the end of January. We can expect to see the impact these blockades had on the flow of goods between the two countries in the next merchandise trade report, scheduled for release on April 5, 2022.
Answer to the previous trivia question: Japan was the first country to completely ban lead in gasoline in 1986.
Today’s trivia question: The Canadian–American Reciprocity Treaty was an early free trade agreement between British North America and the United States. When was it in effect?