A strong recovery in Alberta’s export sector
The improvement was led by higher oil and gas sector exports, which were up by 57.1% or $26.5 billion
By Rob Roach, ATB Economics 14 December 2021 1 min read
We’ve heard a lot lately about supply chain disruptions and transportation bottlenecks. Despite these challenges, Alberta’s international merchandise exports were 45.1%, or $34.2 billion, higher over the first 10 months of 2021 than over the same period last year.
The improvement was led by higher oil and gas sector exports, which were up by 57.1% or $26.5 billion.
Other industries with year-to-date exports more than a billion dollars higher than in 2020 include chemical manufacturing (up $2.1 billion), petroleum refineries (up $2.0 billion), wood product manufacturing (up $1.8 billion) and food manufacturing (up $1.4 billion).
The value of wood product exports posted the highest percentage increase at 99.7% above where things stood at the same point in 2020.
Out of the 20 largest export industries in Alberta, only 5 had lower year-to-date exports. Crop exports were down the most in dollar terms at $223.6 million due to lower exports of peas and lentils (both wheat and canola exports were higher). This was followed by livestock exports at $98.5 million, transportation equipment manufacturing at $47.2 million, beverage products at $2.5 million, and furniture at $0.7 million.
Nationally, international exports were up by 20.5%, or $81.9 billion, over the first 10 months of 2021 compared to the same period in 2020.
National export value was higher in every major industry except transportation equipment manufacturing, which was down by 5.2% ($3.2 billion) due to supply chain disruptions, and beverage and tobacco product manufacturing, which was down by 0.2% ($2.4 million).
Answer to the previous trivia question: The maximum certified capacity of the Airbus A380 plane is 853 passengers.
Today’s trivia question: In the context of major Alberta exports, what does the abbreviation “OSB” stand for?