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May 02, 2024NOVA SCOTIA INTERNATIONAL GOODS EXPORTS, MARCH 2024 Year-over-year (March 2024 vs March 2023, domestic exports on a customs-basis, unadjusted)
Nova Scotia international goods exports were $517.7 million in March 2024, a decrease of 7.0% compared to March 2023.
Canada's goods exports declined 6.1% compared to March 2023. Seven provinces reported year-over year declines in March 2024. Newfoundland and Labrador reported the fastest growth while Saskatchewan reported the largest decline.
Year-to-date (January-March 2024 vs January-March 2023)
Comparing the first quarter of 2024 to the same period in 2023, Nova Scotia's domestic exports were up 0.7%. Nationally, exports declined 3.1% in January-March 2024 compared to the same period in 2023. Newfoundland and Labrador reported the largest growth and Saskatchewan the largest decline during this period.
Among broad product categories, Nova Scotia's domestic exports grew particularly rapidly for energy products, though this was a small value in January-March 2023 ($9 million). Outside of energy products, there was strong export growth for Nova Scotia's electronics, chemical/plastic/rubber products and motor vehicles/parts. Shipments of farm/fish/food products were down, as were metal ores/non-metallic minerals, machinery/equipment, other transportation equipment and consumer goods.
The US is by far Nova Scotia's largest destination for international goods exports. In January-March 2024, Nova Scotia exports to the United States were up 6.8% over January-March 2023, rising to $1,118.3 million.
China is Nova Scotia's second largest export destination and exports decreased 24.8% year-to-date to $188.5 million in March 2024.
Among the other significant export destinations, year-over-year exports were up sharply for Saudi Arabia, Taiwan, and Mexico. There were notable year-to-date export declines to France, Spain, Germany, Hong Kong and India.
Nova Scotia's exports to the US accounted for over two-thirds of exports in January-March 2024. Among the top ten states for Nova Scotia exports, year-to-date exports were down for Maine and South Carolina. Exports were up for 8 of Nova Scotia's top 10 US state destinations, led by a notable year-to-date gain in shipments to Texas and 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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