Saskatchewan Exports Remain Strong
Today the Government of Saskatchewan released the first quarter export numbers from the province, which were more than $7.4 billion, up 4.2 per cent (seasonally adjusted) compared to the same period last year. This increase was the fourth highest among the provinces, while nationally exports declined by 1.0 per cent.
“These positive export numbers from the first three months of the year show that Saskatchewan has what the world needs, and our province is well positioned for a strong economic recovery from the impacts of COVID-19,” Trade and Export Development Minister Jeremy Harrison said. “Due to the economic impacts of the ongoing global pandemic, we know there will likely be a drop in international exports in the second quarter and into the second half of 2020, but these numbers are very encouraging and we remain optimistic about the opportunities for Saskatchewan in the future.”
Saskatchewan’s export performance was strong despite the significant challenges resulting from the onset of the global COVID-19 pandemic during the period. While exports to China and Brazil saw a decline, solid growth in the first quarter was seen in exports to Japan, the European Union, India, Mexico, Turkey and the United Arab Emirates.
Exports that showed the highest increase in the first quarter included crude oil, canola seed, pulses, canola oil and meal, agricultural machinery, oats and soya beans.
On a month-over-month basis, Saskatchewan exports increased 30.5 per cent between March 2020 and April 2020, the highest rate of growth amongst provinces.
“While many Saskatchewan people and businesses are focused on dealing with the current pandemic, it is important to recognize that some sectors of our economy are having periods of growth, which are positive signs we are weathering the unprecedented COVID-19 storm,” Harrison said. “Challenges are still ahead, but as we work together on each key phase of the Re-Open Saskatchewan plan, we will see further positive signs of economic recovery both here at home and with our international exports going abroad.”