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Trading up

Alberta's exports jump in October

By Siddhartha Bhattacharya, ATB Economics 7 December 2023 1 min read

According to new Statistics Canada data, the value of Alberta’s international merchandise exports increased by $1.2 billion (8.1%) to reach almost $16 billion in October—the highest level since January.

Energy exports rose 10.4% in October and accounted for nearly all of the monthly increase in total export value.

While trending higher since June, exports remain below last year’s elevated levels. Alberta’s export revenues were down by $27.9 billion (-16.2%) on a year-to-date (YTD) basis relative to the first ten months of 2022, weighed down by lower energy prices.

There are, however, some bright spots among Alberta’s non-energy exports so far this year. Sales of industrial machinery (+37.5% YTD) and farm, fishing & intermediate food products (+22.9% YTD) have posted solid gains this year.

Nationally, exports jumped 5.3% on a monthly basis with Alberta posting the largest increase among provinces. They were, however, 2.5% lower YTD despite improvements in Ontario and Quebec.

Looking ahead, we expect the recent pullback in oil prices to weigh on exports in the final two months, but remain well above historical norms.

Answer to the previous trivia question: At 20% of the global total, the United States consumed the most crude oil in 2022.

Today’s trivia question: Who said December 7, 1941 (the day the U.S. naval base Pearl Harbor was attacked by Japan) is “a date which will live in infamy?”

The Bank of Canada's Policy Interest Rate has been at 5.0% since July 12, 2023

Alberta’s merchandise exports climbed to $16 billion in October to reach the highest level since January

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