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January 09, 2024NOVA SCOTIA INTERNATIONAL GOODS EXPORTS, NOVEMBER 2023 Year-over-year (November 2023 vs November 2022, domestic exports on a customs-basis, unadjusted)
Nova Scotia international goods exports were $468.4 million in November 2023, a decrease of 7.1% compared to November 2022.
Canada's goods exports were up 2.8%. Five provinces reported year-over year declines in November 2023. Prince Edward Island reported the fastest growth while New Brunswick and Saskatchewan reported the greatest declines.
Year-to-date (January-November 2023 vs January-November 2022, domestic exports on a customs-basis, unadjusted)
Nova Scotia's international goods exports totalled $5,959.8 million over the first eleven months of 2023, down 1.3% from the same period in 2022. Across Canada, international goods exports were down 2.0% 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 transactions.
The largest year-to-date percentage growths in exports were in energy (though this was a small value to begin with) and other transportation equipment. 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-November 2023 period, Nova Scotia exports to the United States were up 1.6% to $4,044.1 million.
China is Nova Scotia's second largest export destination and exports increased 7.3% to $715.7 million in the first eleven months of 2023.
Among the other significant export destinations, year-to-date exports were down to most regions with only India, Hong Kong, Indonesia, and Brazil showing increases. The largest percentage declines among major export destinations were to Germany and Spain.
Nova Scotia's exports to the US accounted for just over two-thirds of exports in January-November 2023. Among the top five states, exports were rising to Massachusetts, Illinois, South Carolina and Texas with Maine reporting the only decline in the first eleven 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, Florida and Michigan 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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