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October 04, 2016NOVA SCOTIA GOODS EXPORTS TO THE US-NEW ENGLAND REGION 2015 MARKETS
In 2015, the United States New England Region was the destination of 23.36% of Nova Scotia international goods exports. By trading region, US New England is Nova Scotia’s largest export destination. US South East, at 19.55%, is number two, and Asia-excluding-the-Middle-East at 14.41% ranks third.
After New England and South East regions, the rest of the US (seven trading regions) is the destination of another 27.36% of Nova Scotia exports.
NEW ENGLAND MARKET
There are six states in the US New England region. Almost 70% of Nova Scotia exports to this region go to one US state – Massachusetts. This state is the recipient of most of our Natural Gas (99%) and Seafood (70%) exports. Maine is the destination of 22.19% and the remaining four states share in 9.28%.
TRADE GROWTH
In 2015, Nova Scotia companies produced and shipped $1.3 billion worth of goods to the US New England region. The value of Nova Scotia’s export trade has gradually declined over the last ten years. Trade declined sharply in 2009 (-$1.8 billion). In 2013-2014, there appears to be a bit of a resurgence as the Deep Panuke field came on line. However, the market was down $214 million in 2015 due to declining demand and prices in the industry. The province posted a low of $654 million exports to the US New England region in 2012, and a high of $2.0 billion in 2008.
Nova Scotia's top US-New England export markets by share of total trade are Massachusetts (68.53%), and Maine 22.19%. Together these states are the destination of $1.14 billion, or 90%, of Nova Scotia's exports to this region.
Connecticut (4.63%, $58 million), New Hampshire (3.40%, $43 million), Rhode Island (1.16%, $15 million), and Vermont (0.08%, $1 million) accept smaller, but not insignificant shares of Nova Scotia's exports. Over 50% of Nova Scotia's trading partners import less than $1 million per year, so even Vermont is a significant trading partner.
On a year-to-date basis, Nova Scotia trade with the New England Region of the United States declined 12.6% over the period Jan-Jul 2016, compared to the same period in the previous year. Falling values (and volumes) of Natural Gas, is the main driver to this decline.
Excluding Mineral Fuels trade in other export goods to New England actual increased 9.5% over the Jan-Jul 2016 period.
PRODUCTS
In 2015 there were significant increases in the value of Fish (+27.1%, $168 millions), Meat/Fish preparations (+65.1%, +22 million), and Salt / Sulphur (+200.7%, $7 million) exported to New England. These promising increases were completely over shadowed by the decline in Mineral Fuels (-68.7%, $-425 million). Net decline over the previous year was $214.4 million.
In 2015, Fish Products and Mineral Fuels (78% of total exports) were the main domestic exports from Nova Scotia to the US New England Region. Another 10% of exports to US-New England were Wood Products, Meat and Fish preparations and Edible Fruits. The remaining 12% consisted of other misc. goods.
Between 2010 and 2015, there has been a considerable shift in the distribution of exports to New England. Fish exports increased $406 million, or by a 19 per cent point share of the market to a 63% share. Mineral fuels declined $67 million, or lost a 15% share of the export market.
Source: Industry Canada's Strategis
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