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Alberta exports remain solid in June

Alberta exports remain solid in June

Posted on: 8/3/2018 | Author: ATB Financial's Economics + Research Team

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With talk of NAFTA, tariffs and trade wars dominating current discussions around the global economy, it’s a good time to examine the strength of our export position. After all, both Canada and Alberta are export-oriented economies. With less trade, both will suffer.

According to the latest figures from Statistics Canada, Alberta exporters continued to do well in June of this year. The value of goods sold abroad totaled $10.3 billion, essentially unchanged from May and the highest level since late 2014, before oil prices started to swoon.

Energy exports account for roughly 70 per cent of Alberta’s exports. These ticked higher in June to $7.4 billion. Most of that is crude oil, which has been lifted by higher prices throughout the spring of 2018. Over the last twelve months, the value of Alberta’s energy exports has risen 13 per cent compared to the previous twelve month period. At the moment, almost all of Alberta’s energy exports are to the United States.

Non-energy exports dipped slightly in June to $2.9 billion, but even here the longer term trend has been positive. Exports over the last year are up 10 per cent compared to the previous twelve month period.

The looming trade war between Canada and the U.S.—including the tariffs on Canadian steel and aluminum that were introduced earlier this summer, and the retaliatory tariffs Ottawa slapped on the U.S.—have yet to show up in these data. However, there’s no question that the value of trade between the two countries will be affected in the second half of the year.

Exports, graph​​​

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