Export revenues in Alberta advanced in the second quarter after a slow start to the year.

According to new Statistics Canada data, the value of Alberta’s merchandise exports reached almost $48 billion in Q2 2024, 15% higher than the same quarter in 2023. 

Most of this increase is due to energy exports growing by 19% in value from last year’s level. There were a few factors at play behind the jump in revenues:

1. Alberta’s crude oil transportation capacity increased significantly (up to 590,000 barrels per day) with the Trans Mountain Expansion (TMX) coming online earlier this year. Bolstered by demand from Asian countries, national crude oil volumes* surged 7.8% year-over-year (y/y) in the second quarter.
2. West Texas Intermediate oil prices were higher, averaging US$81 in Q2 of 2024 compared to US$74 in Q2 of 2023.
3. Wildfires disrupted crude production in May and June of last year.
   

There were some improvements on the  non-energy side as well, up 2.9% y/y and aided by higher wood (+12.6% y/y) and farm, fishing and intermediate food (+4.0% y/y) product sales.

Bolstered by the strong increase in Q2, Alberta’s aggregate export revenues are up by 4.4% year-to-date (YTD) relative to the first six months of 2023. 

Alberta’s contribution to Canada’s export growth was higher than any other province over the first half of the year. Even so, the YTD value of exports eased 0.3% nationally with a major pull back in Saskatchewan (-19%) primarily due to lower metal ores and non-metallic mineral product exports.

We expect oil and gas export volumes to rise almost 5% and be a key driver of Alberta’s GDP growth this year.

*Merchandise export volume estimates are not available at a provincial level.

Answer to the previous trivia question: At $134 million, France was 32nd on the list of Alberta’s merchandise exports by country last year.

Today’s trivia question: Known as the Scottish Play, which Shakespearean tragedy had its first known performance on August 7, 1606?