indicatorThe Owl

Energy prices drive up Canada’s international exports in September

Without the boost from higher prices, exports were up by 0.4%

By Rob Roach, ATB Economics 7 November 2023 1 min read

The value of Canada’s merchandise exports increased for the third month in a row in September. Adjusting for seasonality, Canada’s exports rose 2.7% to reach $67 billion.

In volume terms, the increase in exports was more modest at 0.4%

Driven by higher prices, foreign sales of Canadian crude oil were up by 12.6% and accounted for 90.2% of the net increase in total export value.

Aircraft exports (+8.6%) and agricultural exports (+8.1%) also posted strong growth in September.

On a quarterly basis, exports increased for the first time since the second quarter of 2022. Foreign sales in the third quarter were 4.3% higher than the previous quarter with higher energy prices once again driving most of the improvement.

In real terms (calculated using chained 2012 dollars), national exports were 0.6% higher in the third quarter of 2023.

The strong showing on the exports side of the equation pushed Canada’s trade surplus with the world to just over $2 billion.

Note: Provincial trade statistics are reported on a different basis than the headline national numbers. We will dig into the Alberta data in a future edition of the Owl.

Answer to the previous trivia question: Remembrance Day was first observed in 1919 throughout the British Commonwealth. It was originally called “Armistice Day” to commemorate the armistice agreement that ended the First World War on Monday, November 11, 1918.

Today’s trivia question: The United States used to commemorate Armistice Day on November 11. However, in 1954 they changed the name to _________?

Canada's quarterly exports increased for the first time since 2022

Canada's quarterly exports increased for the first time since 2022

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