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Price swings

Alberta’s international exports in April

By Rob Roach, ATB Economics 6 June 2024 1 min read

Helped along by robust oil prices (the average Western Canada Select benchmark in April was at its highest level since August 2022) and rising production, the value of Alberta’s international exports reached $15.6 billion in April, up 9.2% from March and 18.2% from the same month last year.

Energy exports jumped 11.5% relative to March while non-energy exports increased by a more modest 2.7%.

Despite the strong month-over-month increase, the year-to-date (YTD) numbers were relatively flat (up by just 0.8%) compared to the first four months of 2023.

YTD energy exports posted a 3.3% increase while non-energy exports decreased by 6.0%.

The main reason for the YTD drop in the non-energy category was a 14.2% pullback in the value of agricultural products due in part to lower prices for Alberta wheat, canola and barley.

Other product groups that lost ground compared to last year include metals and minerals; aircraft and other transportation equipment; industrial machinery; and chemical and plastic products. Categories that saw growth include motor vehicle equipment and parts; electrical equipment; consumer goods; and forestry products.

Alberta’s YTD exports to the United States (where almost all of the province’s crude oil exports go) increased by 3.2%, but fell by 15.8% to non-U.S. destinations.

Alberta accounted for 24% of Canada’s merchandise exports in April.

Nationally, YTD exports were down by 1.1% (customs basis).

Answer to the previous trivia question: Not including yesterday’s cut, the last time the Bank of Canada reduced its policy interest rate was March 26, 2020 when it dropped the rate from 0.75% to 0.25%.

Today’s trivia question: What does the “D” stand for in D-Day?

The value of Alberta's energy product exports increased in April

The value of Alberta's energy product exports increased in April

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