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March 07, 2024NOVA SCOTIA INTERNATIONAL GOODS EXPORTS, JANUARY 2024 Year-over-year (January 2024 vs January 2023, domestic exports on a customs-basis, unadjusted)
Nova Scotia international goods exports were $596.9 million in January 2024, an increase of 10.7% compared to January 2023. This was the second fastest year-over-year percentage growth in exports among provinces (behind Prince Edward Island).
Canada's goods exports were down 7.8%. Eight provinces reported year-over year declines in January 2024. Only Prince Edward Island and Nova Scotia reported growth while Newfoundland and Labrador reported the greatest decline.
Among broad product categories, Nova Scotia's annual exports grew particularly rapidly for energy products, though this was a small value in January 2023 ($6 million). Outisde of energy products, there was strong export growth for Nova Scotia's electronics, forestry products, chemical/plastic/rubber products, motor vehicles/parts and special transactions. Shipments of farm/fish/food products were down, as were machinery/equipment and metal ores/non-metallic minerals.
The US is by far Nova Scotia's largest destination for international goods exports. In January 2024, Nova Scotia exports to the United States were up 17.8% over January 2023, rising to $402.6 million.
China is Nova Scotia's second largest export destination and exports decreased 22.9% year-over-year to $84.0 million in January 2024.
Among the other significant export destinations, year-over-year exports were up sharply for Italy, Mexico, Turkïye, Taiwan and the United Kingdom. There were notable year-over-year export declines to Brazil, India, Hong Kong, Switzerland, Spain, Germany, Belgium and France.
Nova Scotia's exports to the US accounted for just over two-thirds of exports in January 2024. Among the top ten states for Nova Scotia exports, year-over-year exports were down to Massachusetts, Maine and Pennsylvania. Exports were up to 7 of Nova Scotia's top 10 US state destinations, led by a notable year-over-year gain in shipments to Florida.
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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