The provincial government in Saskatchewan announced the first quarter export numbers on May 21, with figures ranging from more than $7.4 billion, up to 4.2 per cent (seasonally adjusted) in parallel to last year in the same interval – this increase represented the fourth highest growth rate amongst the provinces.
Nationally, exports declined by 1.0 per cent in Canada.
“These positive export numbers from the first three months of the year show that Saskatchewan has what the world needs and our province is well-positioned for a strong economic recovery from the impacts of COVID-19,” Trade and Export Development Minister Jeremy Harrison outlined.
“Due to the economic impacts of the ongoing global pandemic, we know there will likely be a drop in international exports in the second quarter and into the second half of 2020, but these numbers are very encouraging and we remain optimistic about the opportunities for Saskatchewan in the future.”
Saskatchewan’s export performance can be portrayed as robust this spring, notwithstanding substantial trials motivated by the COVID-19 pandemic.
Exports to China and Brazil weakened, but solid growth in the first quarter was assisted by an increase in exports to Japan, the European Union, India, Mexico, Turkey and the United Arab Emirates.
Exports displaying the greatest strength in the first quarter comprised of crude oil, canola seed, pulses, canola oil and meal, agricultural machinery, oats and soya beans.
Saskatchewan’s exports increased by 30.5 per cent between March 2020 and April 2020 – the highest growth rate amongst the provinces on a monthly basis.
“While many Saskatchewan people and businesses are focused on dealing with the current pandemic, it’s important to recognize that some sectors of our economy are having periods of growth, which are positive signs we are weathering the unprecedented COVID-19 storm,” Harrison continued.
“Challenges are still ahead, but as we work together on each key phase of the Re-Open Saskatchewan plan, we’ll see further positive signs of economic recovery both here at home and with our international exports going abroad.”
