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December 06, 2023NOVA SCOTIA INTERNATIONAL GOODS EXPORTS, OCTOBER 2023 Year-over-year (October 2023 vs October 2022, domestic exports on a customs-basis, unadjusted)
Nova Scotia international goods exports were $567.5 million in October 2023, an increase of 2.5% compared to October 2022.
Canada's goods exports were up 0.8%. Six provinces reported year-over year declines in October 2023. Ontario and Prince Edward Island reported the fastest growth rates while Newfoundland and Labrador reported the greatest decline.
Year-to-date (January-October 2023 vs January-October 2022, domestic exports on a customs-basis, unadjusted)
Nova Scotia's international goods exports totalled $5,479.3 million over the first ten months of 2023, down 1.0% from the same period in 2022. Across Canada, international goods exports were down 2.5% 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 grew for motor vehicles/parts along with smaller gains in electronics, ores/minerals, metallic/mineral products, energy and other transportation equipment. These were offset by larger declines in farm/fishing/intermediate food products, chemical/plastic/rubber products, forestry products, machinery/equipment, consumer goods and special transations.
The largest year-to-date percentage growths in exports were in energy (though this was a small value to begin with) and electronics. The largest percentage decline, excluding the special transaction category, was in forestry products.
The US is by far Nova Scotia's largest destination for international goods exports. For the January-October 2023 period, Nova Scotia exports to the United States were up 1.5% to $3,702.6 million.
China is Nova Scotia's second largest export destination and exports increased 12.2% to $669.1 million in the first ten 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-October 2023. Among the top five states, exports were rising to Massachusetts, Illinois, Texas and South Carolina with Maine reporting declines in the first ten months of 2023. Nova Scotia exports more to Massachusetts alone than it exports to China (the province's second largest international export destination). Nova Scotia's exports to Illinois, South Carolina, Texas, Maine, California, New York, Wisconsin and Florida are each greater than $100 million and higher than Nova Scotia's exports to France (the third largest country for Nova Scotia's exports).
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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