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February 07, 2024NOVA SCOTIA INTERNATIONAL GOODS EXPORTS, DECEMBER AND ANNUAL 2023 Year-over-year (December 2023 vs December 2022, domestic exports on a customs-basis, unadjusted)
Nova Scotia international goods exports were $510.7 million in December 2023, a decrease of 8.5% compared to December 2022.
Canada's goods exports were down 4.5%. Eight provinces reported year-over year declines in December 2023. Prince Edward Island reported the fastest growth while Newfoundland and Labrador and Manitoba reported the greatest declines.
Annual (2023 vs 2022, domestic exports on a customs-basis, unadjusted)
Nova Scotia's international goods exports totalled $6,470.5 million during 2023, down 2.0% from the same period in 2022. Across Canada, international goods exports were down 2.2% with annual declines in six provinces. The fastest export growth was reported in Prince Edward Island while the largest decline was reported in Newfoundland and Labrador.
Among broad product categories, Nova Scotia's annual exports grew for motor vehicles/parts along with smaller gains in electronics, metallic/mineral products, energy and other transportation equipment. These were offset by larger declines in farm/fishing/intermediate food products, chemical/plastic/rubber products, forestry products, machinery/equipment, consumer goods and special transactions.
The largest annual percentage growths in exports were in energy (though this was a small value to begin with) and electronics/electrical equipment. The largest percentage decline, excluding the special transaction category, was in forestry products.
The US is by far Nova Scotia's largest destination for international goods exports. For the year 2023, Nova Scotia exports to the United States were up 1.0% to $4,377.1 million.
China is Nova Scotia's second largest export destination and exports increased 5.7% to $771.6 million in 2023.
Among the other significant export destinations, annual exports were down to most regions with only India, Hong Kong, Indonesia, and Brazil showing increases. The largest percentage declines among major export destinations were to Germany and Spain.
Nova Scotia's exports to the US accounted for just over two-thirds of exports in 2023. Among the top five states, exports were rising to Illinois, South Carolina and Texas with Maine and Massachusetts reporting the only decline in 2023 compared to 2022. Nova Scotia exports more to Massachusetts alone than it exports to China (the province's second largest international export destination). Nova Scotia's exports to Illinois, South Carolina, Texas, Maine, California, New York, Wisconsin, Florida, and Michigan are each greater than $100 million and higher than Nova Scotia's exports to France (the third largest country for Nova Scotia's exports).
Source: Statistics Canada. Table 12-10-0175-01 International merchandise trade by province, commodity, and Principal Trading Partners (x 1,000); Table 12-10-0099-01 Merchandise imports and exports, customs-based, by Harmonized commodity description and coding system (HS) section, Canada, provinces and territories, United States, states (x 1,000)
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