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February 05, 2025NOVA SCOTIA INTERNATIONAL GOODS EXPORTS, DECEMBER AND ANNUAL 2024 Year-over-year (December 2024 vs December 2023, domestic exports on a customs-basis, unadjusted)
Nova Scotia international goods exports were $567.8 million in December 2024, an increase of 10.7% compared to December 2023.
Canada's goods exports increased by 9.2% compared to December 2023. All provinces except British Columbia reported year-over year gains in goods exports in December 2024. Newfoundland and Labrador reported the largest growth, followed by Ontario and Alberta.
Annual (2024 vs 2023)
Comparing the total for 2024 to the total for 2023, Nova Scotia's domestic exports were up 2.1%. Nationally, exports increased 1.1% with gains in seven provinces. Prince Edward Island and Newfoundland and Labrador reported the largest gains while Manitoba, Saskatchewan and British Columbia reported declines.
Among broad product categories, Nova Scotia's domestic exports grew the fastest in percentage terms for metal/non-metallic mineral products, chemical/plastic/rubber products and motor vehicles/parts. Shipments of energy (a small value to begin with), metal ores, farm/fishing/intermediate food products, forestry products and machinery/equipment were all down, as were special transactions exports.
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 2024, Nova Scotia exports to the United States were up 5.2% over the previous year, rising to $4,603.6 million.
China is Nova Scotia's second largest export destination and exports decreased 10.4% year-to-date to $692.9 million in 2024.
Among the other significant export destinations, annual exports were up sharply to the Netherlands, Germany, Australia, Brazil, Switzerland, Germany and Taiwan. The largest declines in annual exports were to France, Hong Kong, and Spain. In addition, exports to Indonesia fell by 57.3% from $22.1 million in 2023 to $9.4 milllion in 2024.
Nova Scotia's exports to the US accounted for 69.5% of exports in 2024. Massachusetts alone was a larger export destination for Nova Scotia goods than China. Annual exports were up for eight of Nova Scotia's top ten US state destinations; annual exports were down to Maine and Florida. There was also a notable decline in Nova Scotia's annual exports to Michigan. The largest dollar value increases were for Massachusetts, Illinois, South Carolina, Texas and Wisconsin.
Nova Scotia's 2.1% rise in annual goods exports brings the the provincial total to $6.63 billion - just above the previous high that was established in 2022.
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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