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April 05, 2018NOVA SCOTIA - INTERNATIONAL MERCHANDISE TRADE FEBRUARY 2018 Year-to-Date (Jan-Feb 2018 vs. Jan-Feb 2017, customs-based, unadjusted)
In Jan-Feb 2018, Nova Scotia merchandise trade exports increased $67.2 million (8.7 per cent) over Jan-Feb 2017.
YTD - By Sector
Comparing Nova Scotia's exports for Jan-Feb 2018 with the same period in 2017, the largest dollar value increase were in forestry (+$24.0 million), farm/fishing/intermediate food products (+$23.1 million), and metal/mineral products (+$11.6 million). Energy products were up $3.8 million, but now make up a relatively small portion of Nova Scotia's exports.
On a year-to-date basis, exports values increased in:
- Forestry products and building and packaging materials by 26.1% ($24.0 million) to $116.1 million
- Farm, fishing and intermediate food products by 23.9% (+$23.1 million) to $189.7 million.
- Metal and non-metallic mineral products by 43.1% ($11.6 million) to $38.5 million
- Industrial machinery, equipment and parts by 34.5% (+$5.0 million) to $19.5 million,
- Basic and industrial chemical, plastic and rubber products by 6.4% (+$3.8 million) to $63.6 million
- Energy products by 76% (+$3.8 million) to $8.8 million,
- Consumer goods by 2.0% (+$3.1 million) to $160.9 million
- Metal/Ores by 23.1% (+$1.5 million) to $8.0 million,
On a year-to-date basis, exports values decreased in:
- Motor vehicles and parts by 2.0% (-$4.0 million) to $195.5 million,
- Electronic and electrical equipment and parts by 12.3% (-$2.7 million) to $19.2 million
- Aircraft and other transportation equipment and parts by 11.7% (-$1.1 million) to $8.3 million.
YTD by Province
In Jan-Feb 2018, Newfoundland and Labrador reported the highest increase (+21.0%) in merchandise trade exports over Jan-Feb 2017. Nova Scotia reported the second largest gain (+8.7%) in merchandise trade exports. The Canadian average was a 0.9% increase in merchandise trade exports over Jan-Feb 2017. Exports were down for both Ontario (-3.1%) and Saskatchewan (-4.2%).
Excluding energy exports, Alberta reported the fastest growth at 10.1%, followed by Nova Scotia and New Brunswick at 8.3% each. Newfoundland and Labrador's non-energy exports were down 2.4% while Saskatchewan's were down 10.6%.
YTD Exports by Destination
Nova Scotia's exports continue to diversify by destination, with declining exports to the US (-0.6% comparing Jan-Feb18 with Jan-Feb17) and rising exports to other destinations (+31.7%). This is also the case for Prince Edward Island, Ontario and British Columbia. Newfoundland and Labrador's exports to the US and other countries both grew, but exports to destinations outside the US grew faster - reducing the share of exports bound to the US. Exports from New Brunswick, Quebec, Manitoba, Saskatchewan and Alberta (where US export growth outpaced growth to other destinations) grew more concentrated in the US.
Nova Scotia's exports to the US were down by $3.4 million as declining values for energy, forestry, electronics, motor vehicles/parts, aircraft/other transportation equipment and consumer goods more than offset offset gains in farm/fishing/intermediate food, metal/ores, metal/mineral products, chemicals/plastics/rubber and machinery/equipment.
China is Nova Scotia's second largest export destination. Comparing Jan-Feb18 with the same months of 2017, Nova Scotia's exports grew by $36.9 million, mostly on gains in forest products and consumer goods.
Among other Asian destinations (Japan, South Korea, Taiwan, Hong Kong, Indonesia, Singapore, India), Nova Scotia's exports rose $6.3 million on higher shipments of farm/fish/intermediate food products as well as forest products. Exports of consumer goods to these destinations were down.
Among Nova Scotia's larger European export markets (UK, France, Germany, Spain, Italy, Netherlands, Belgium), exports increased by $7.5 million on rising exports of energy products, forest products and farm/fish/intermediate food products offset by declines in consumer goods exports.
Nova Scotia's exports to other countries were up by $19.9 million mostly on higher shipments of farm/fish/intermediate food products, forest products, machinery/equipment and consumer goods.
Sources: Statistics Canada, CANSIM tables 228-0058 to 228-0068 and 228-0092