Export activity resumes ascent
Higher agriculture exports more than offset a second consecutive decline in monthly energy exports
By Siddhartha Bhattacharya, ATB Economics 8 December 2022 1 min read
After a sharp decline in September, the value of Alberta’s international merchandise exports climbed $237 million (+1.4%) to reach $17.8 billion in October.
Revenues from exports of farm, fishing and intermediate food products jumped $427 million (+43.7%) to the highest level on record, with sales to China driving nearly half of the monthly increase.
The surge in agriculture exports more than offset the second consecutive decline in energy exports, which fell by $371 million (-2.7%) in the month.
On a year-to-date (YTD) basis, however, gains in oil and gas exports out of the province continue to dwarf increases in other categories.
Alberta’s total exports over the first ten months of 2022 were up by $62.8 billion (+57.0%) compared to the same period last year, with energy exports accounting for about 92% of this increase.
Meanwhile, the value of Canada’s merchandise exports rose by $1.1 billion (+1.7%) in October, led by Saskatchewan (+22.1) and Manitoba (+31.0%).
Bolstered by higher export revenues in every province, Canada’s YTD exports were up by $131.8 billion (+27.7%) compared to 2021.
Answer to the previous trivia question: Including the current Governor (Tiff Macklem), the Bank of Canada has had ten Governors since 1934.
Today’s trivia question: What was the average value of annual international exports from Alberta of “antiques of an age exceeding one hundred years” since 2000?