indicatorThe Owl

New year uptick

January exports up in Alberta

By Siddhartha Bhattacharya, ATB Economics 11 March 2024 1 min read

According to new Statistics Canada data, the value of Alberta’s merchandise exports reached $15.4 billion in January, an improvement of 4.2% from December. 

Relative to a year ago, however, export values were down by 4.5% with both energy and non-energy products losing ground. 

Export revenues reached the highest level on record in the summer of 2022 but have moderated since then. This is largely attributable to weaker commodity prices which continue to offset the impact of higher export volumes.

For example, we learnt last week that Alberta’s oil production in January stood at the highest level on record for the month. Oil prices, on the other hand, averaged US$78 in January 2024 relative to US$74 during the same time in 2023. 

Nationally, merchandise exports were down by 3.3% on a monthly basis mostly due to a 22% pullback in Quebec. 

In line with rising production, we see Alberta’s energy export volumes picking up with TMX coming on line this year.

Answer to the previous trivia question: Texas has two official state peppers: the chiltepín and the jalapeno.

Today’s trivia question: What product topped the list of Alberta’s exports to the Netherlands last year?

Alberta’s merchandise exports rose 4.2% to reach $15.4 billion in January 2024

Alberta’s merchandise exports rose 4.2% to reach $15.4 billion in January 2024

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