Trade winds in March not as strong as last year
Alberta's exports in March did better than in February but were down compared to 12 months ago
By Rob Roach, ATB Economics 9 May 2023 1 min read
The value of Alberta’s international merchandise exports* was 11% ($1.6 billion) higher in March.
The increase comes after a (revised) 10% drop in February.
The improvement is not surprising given that exports typically rise in March due to seasonal effects.
The month-over-month gains were spread across multiple sectors with energy products up the most in absolute terms at $1 billion (+9%) followed by agricultural products at $330 million (+30%).
Aircraft and other transportation equipment was the only major product category to post a decline (-8%) in March, but this was in the wake of a 23% jump in February.
The only province to post a monthly decrease in international exports in March was Prince Edward Island at -1.0%.
Compared to the same month last year, exports from Alberta were down by 6% mainly because of lower prices for oil, natural gas and forestry products.
It was, however, a major turnaround for agricultural products with year-over-year export value up by 82% ($637 million).
*Provincial export statistics are reported on a “customs basis” rather than the “balance of payments basis” (BOP) and are not adjusted for seasonality. National statistics reported in Statistics Canada’s The Daily have been seasonally adjusted and are on a BOP basis. Note that national exports on a seasonally adjusted BOP basis show a 0.7% decrease in March over February compared to a 18% increase on an unadjusted customs basis.
Answer to the previous trivia question: The last time the Edmonton Oilers made it all the way to the final round of the playoffs was in 2006. They lost the series to the Carolina Hurricanes 3 games to 4.
Today’s trivia question: Which country did Alberta export more goods to (in dollars terms) in 2022: Peru or Netherlands?