Rob Roach, ATB ECONOMICS | November 7, 2022

Oil and natural gas boost Canada’s export performance

A lower Canadian dollar, higher commodity prices, increased production and the global economic rebound that followed the first year of the pandemic have led to a major turnaround in Alberta’s export performance.

Year-to-date international merchandise exports from Alberta were up by 58% as of September 2022 compared to the same period in 2021 and were an eye-popping 129% higher compared to the first nine months of 2020.

Energy exports (mostly oil and natural gas) account for 89% of the improvement in 2022 over 2020.

The increase was also significant nationally, but not as dramatic as it has been for Alberta.

As of September, year-to-date merchandise exports from Canada were 28% higher than last year and 56% above where they were in 2020.

Canada’s energy exports over the first nine months of 2022 were $109 billion higher than over the same period in 2020 with the rise accounting for 56% of the increase in total exports.

Answer to the previous trivia question: According to Alberta’s youth employment laws, people aged 14 and under (with some exceptions) need to get the permission of a parent or guardian to work.

Today’s trivia question: Measuring in dollars, which province exported the most electricity to the U.S. in 2021?

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