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September 04, 2024NOVA SCOTIA INTERNATIONAL GOODS EXPORTS, JULY 2024 Year-over-year (July 2024 vs July 2023, domestic exports on a customs-basis, unadjusted)
Nova Scotia international goods exports were $575.8 million in July 2024, an increase of 2.5% compared to July 2023.
Canada's goods exports grew by 11.5% compared to July 2023. Eight provinces reported year-over year increases in goods exports in July 2024. Saskatchewan and Newfoundland and Labrador reported the largest growth, while Manitoba and Ontario reproted the only declines in goods exports.
Year-to-date (January-July 2024 vs January-July 2023)
Comparing the first seven months of 2024 to the same period in 2023, Nova Scotia's domestic exports were up 2.0%. Nationally, exports increased 1.3% with gains in 8 provinces. Newfoundland and Labrador reported the largest increase while Manitoba and Ontario reported the only declines in year-to-date goods exports.
Among broad product categories, Nova Scotia's domestic exports grew the most for metal/non-metallic mineral products, chemical/plastic/rubber products and motor vehicles/parts. Shipments of energy (a small value to begin with), farm/fishing/intermediate food products, forestry products and machinery/equipment were down, as were special transactions.
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 January-July 2024, Nova Scotia exports to the United States were up 7.9% over January-July 2023, rising to $2,774.4 million.
China is Nova Scotia's second largest export destination and exports decreased 16.2% year-to-date to $427.5 million during January-July 2024.
Among the other significant export destinations, year-to-date exports were up sharply Australia, Brazil, and Taiwan. There were notable year-to-date export declines to France, Hong Kong, Spain, and Singapore.
Nova Scotia's exports to the US accounted for over 70% of exports in January-July 2024. Massachusetts alone was a larger export destination for Nova Scotia goods than China in the first seven months of 2024. Year-to-date exports were up for all of Nova Scotia's top ten US state destination, with the largest dollar value increases to Texas and Illinois.
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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