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April 04, 2024NOVA SCOTIA INTERNATIONAL GOODS EXPORTS, FEBRUARY 2024 Year-over-year (February 2024 vs February 2023, domestic exports on a customs-basis, unadjusted)
Nova Scotia international goods exports were $493.1 million in February 2024, an decrease of 1.2% compared to February 2023.
Canada's goods exports were up 5.6%. Half of the provinces reported year-over year growth in February 2024. Newfoundland and Labrador reported the fastest growth while Saskatchewan reported the largest decline.
Year-to-date (January-February 2024 vs January-February 2023)
Comparing the first two months of 2024 to the same period in 2023, Canada's domestic exports declined 1.2%. Nova Scotia saw a 4.8% growth in goods exported in the first two months in 2024 compared to first two months in 2023. Newfoundland and Labrador reported the largest growth and Saskatchewan the largest decline during this period.
Among broad product categories, Nova Scotia's domestic exports grew particularly rapidly for energy products, though this was a small value in January-February 2023 ($6 million). Outisde of energy products, there was strong export growth for Nova Scotia's electronics, chemical/plastic/rubber products, motor vehicles/parts and special transactions. Shipments of farm/fish/food products were down, as were machinery/equipment, metal ores/non-metallic minerals, forestry products, and consumer goods.
The US is by far Nova Scotia's largest destination for international goods exports. In January-February 2024, Nova Scotia exports to the United States were up 11.5% over January-February 2023, rising to $750.2 million.
China is Nova Scotia's second largest export destination and exports decreased 17.7% year-to-date to $145.0 million in February 2024.
Among the other significant export destinations, year-over-year exports were up sharply for Italy, Mexico, Turkïye, Taiwan, the United Kingdom and Australia. There were notable year-to-date export declines to Spain, Germany, and France.
Nova Scotia's exports to the US accounted for just over two-thirds of exports in January-February 2024. Among the top ten states for Nova Scotia exports, year-to-date exports were down for Maine. Exports were up for 9 of Nova Scotia's top 10 US state destinations, led by a notable year-to-date gain in shipments to Florida and Texas.
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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