Blogs & Comment

November export numbers

Statistics Canadahas just released new monthly 2008 export numbers.Exports during November fell by $2.87 billion or 6.8% from October 2008. The changes from year to date and November 2007 were increases of 6.2% and 3.1% respectively. Drilling down into these numbers gives us some insights into where the challenges are within our economy. The only industry segment to have a significant drop in exports on a November 2007-08 basis was the automotive products sector which fell 21.1%. Even the energy sector which saw oil prices drop about 40% since November 2007 recorded a 4.5% gain.
On a regional basis, November exports were up over the same month last year in all provinces except New Brunswick and Ontario. Although most would not describe New Brunswick as an energy exporting province, the largest single refinery in the country is located in Saint John. Energy products, which help to feed the thirsty New England states, account for over half of New Brunswick’s exports. November saw a 38% drop, about equivalent to the decline in the price of oil. Ontario had a $1.4 billion (9.6%) drop in monthy exports. Automotive products fell over $1.6 billion (27.6%) or about $124 per Ontario resident. Industrial products and consumer goods declined more than 10%. Forestry was down marginally and agriculture and fishery products, energy, machinery and equipment and special transactions were all up in Ontario.