Commodity prices propelled export activity in May
Alberta posted the largest year-to-date increase (in both absolute and percentage terms) of any province
By Siddhartha Bhattacharya, ATB Economics 12 July 2022 less than a minute
Export revenues continue to grow on the back of ascending prices.
In May, merchandise exports out of Alberta were up by $1.7 billion (+10.1%) from April, mainly driven by the energy sector.
As WTI moved up from an average of US$102 in April to around $110 in May, Alberta’s energy exports followed suit as they rose by $1.5 billion (+11.8%) and were responsible for over 90% of the aggregate monthly increase.
Meanwhile, higher prices played a role in boosting international sales of some non-energy markets including forestry and industrial machinery products.
Through May, Alberta posted the largest year-to-date increase (in both absolute and percentage terms) of any province. Over the first 5 months of the year, Alberta’s goods exports soared $30.7 billion (+61.5%) higher relative to the same period in 2021.
With the exception of Manitoba, every province contributed positively towards Canada’s monthly gain of 10.7% in May.
Answer to the previous trivia question: Rudolf Diesel invented the diesel engine.
Today’s trivia question: What was the dollar value of Alberta’s international whisky exports last year?