Lower energy prices dampened exports in November
Despite the monthly decline, foreign sales were still significantly higher compared to 2021 levels
By Siddhartha Bhattacharya, ATB Economics 9 January 2023 1 min read
The value of Alberta’s international merchandise exports in November 2022 contracted by $1.1 billion (-6.1%) relative to October with fairly broad-based declines across sub-sectors.
With the easing of prices for natural gas and crude oil products, the value of the province’s energy exports retreated by $1.0 billion (-7.5%) to the lowest level since February 2022 and was responsible for most of the aggregate monthly pullback.
Meanwhile, a third consecutive increase in the value of farm, fishing and intermediate food products was outweighed by declines in the consumer, forestry, and machinery categories.
Despite the monthly decline, foreign sales were still significantly higher compared to 2021 levels.
Over the first eleven months of 2022, export revenues in Alberta were $65.4 billion (+52.7%) above where things stood back in November 2021—the largest increase of any province in both dollar and percentage terms.
Nationally, the value of goods sold to other countries eased 4.5% from October 2022, but was up by 26.0% on a year-to-date basis.
Answer to the previous trivia question: It’s true: the Earth is closest to the sun in January.
Today’s trivia question: In what year is India’s population forecast to grow larger than China’s?