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July 03, 2024NOVA SCOTIA INTERNATIONAL GOODS EXPORTS, MAY 2024 Year-over-year (May 2024 vs May 2023, domestic exports on a customs-basis, unadjusted)
Nova Scotia international goods exports were $645.2 million in May 2024, an increase of 6.2% compared to May 2023.
Canada's goods exports declined by 2.7% compared to May 2023. Five provinces reported year-over year increases in goods exports in May 2024. Newfoundland and Labrador and Manitoba reported the largest gains, while Saskatchewan and British Columbia reported the steepest declines.
Year-to-date (January-May 2024 vs January-May2023)
Comparing the first five months of 2024 to the same period in 2023, Nova Scotia's domestic exports were up 2.1%. Nationally, exports declined 1.6% despite gains in 6 provinces. Manitoba reported the largest increase adn Saskatchewan reported the largest decline in year-to-date exports of goods.
Among broad product categories, Nova Scotia's domestic exports grew particularly rapidly for metal, non-metallic mineral products, though this was a small value in January-May 2023 ($91 million). There was also strong export growth for Nova Scotia's chemical/plastic/rubber products, motor vehicles/parts, metal ores/non-metallic minerals, and electronic/electrical equipment. Shipments of farm/fish/food products, energy, machinery/equipment were down, as were consumer goods and special transactions.
Note: there has been a substantial revision to Nova Scotia exports of energy products in 2024.
The US is by far Nova Scotia's largest destination for international goods exports. In January-May 2024, Nova Scotia exports to the United States were up 7.8% over January-May 2023, rising to $1,936.7 million.
China is Nova Scotia's second largest export destination and exports decreased 18.8% year-to-date to $299.9 million from January-May 2024.
Among the other significant export destinations, year-over-year exports were up sharply for Japan, the Netherlands, South Korea, Australia, Brazil, Mexico, Taiwan, Switzerland, and Saudi Arabia. There were notable year-to-date export declines to India, France, Hong Kong, Germany, Belgium, Spain, Italy and Singapore.
Nova Scotia's exports to the US accounted for over 70.7% of exports in January-May 2024. Massachusetts alone was a larger export destination for Nova Scotia goods than China in the first five months of 2024. Among the top ten states for Nova Scotia exports, year-to-date exports were down for Pennsylvania and Florida. Exports were up for 8 of Nova Scotia's top 10 US state destinations, led by notable year-to-date gains in shipments to Wisconsin, Texas and Illinois.
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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