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October 05, 2023NOVA SCOTIA INTERNATIONAL GOODS EXPORTS, AUGUST 2023 Year-over-year (August 2023 vs August 2022, domestic exports on a customs-basis, unadjusted)
Nova Scotia international goods exports were $523.2 million in August 2023, a decrease of 6.2% compared to August 2022.
Canada's goods exports were down 4.9%. Six provinces reported year-over year declines in August 2023 with Saskatchewan reporting the biggest decrease. Ontario reported the fastest year-over-year growth in international goods exports.
Year-to-date (January-August 2023 vs January-August 2022, domestic exports on a customs-basis, unadjusted)
Nova Scotia's international goods exports totalled $4,378.6 million over the first eight months of 2023, down 2.4% from the same period in 2022. Across Canada, international goods exports were down 2.8% with year-to-date declines in six provinces. The fastest export growth was reported in Prince Edward Island while the largest decline was reported in Newfoundland and Labrador.
Among broad product categories, Nova Scotia's year-to-date exports growth was mostly in farm, fishing and intermediate products, as well as motor vehicles and parts. There were also smaller gains in energy, metal ores, non-metallic minerals (as well as associated products), electronics along with other transportation equipment. These were offset by larger declines in forestry product exports and consumer goods and smaller declines in chemical and plastic products and machinery and equipment.
The largest year-to-date percentage growth in exports was in electronics followed by non-meatllic minerals. The largest percentage decline, excluding special transaction category, was in forestry products.
The US is by far Nova Scotia's largest destination for international goods exports. For the January-August 2023 period, Nova Scotia exports to the United States were up 0.2% to $2,946.0 million.
China is Nova Scotia's second largest export destination and exports increased 17.8% to $560.1 million in the first eight months of 2023.
Among the other reported destination, year-to-date exports are down to most regions with only India, Hong Kong, Indonesia, Brazil and Singapore showing increases. The largest percentage declines have been to Germany, Spain and South Korea.
Nova Scotia's exports to the US accounted for just over two-thirds of exports in January-August 2023. Among the top five states, exports were rising to Massachusetts, Illinois and Texas with South Carolina and Maine reporting declines in the first eight months of 2023.
Source: Statistics Canada. Table 12-10-0119-01 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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