Food processing, energy sales lead strong provincial export forecast

Export Development Canada (EDC) released its global outlook for next year, with strong growth projected in all provinces and on the national front. The value of total exported goods are expected to rise by four per cent.

The rise follows a strong year for 2018, with exports forecast to be up six per cent.

Manitoba is expected to see double digit export growth this year and five per cent growth next year due to investment into the province’s food processing sector, such as the Roquette pea processing plant. Alberta is to projected to see a jump by three per cent in part to new growth within the energy sector and the opening of Cavendish Farms frozen potato processing plant located near Lethbridge, AB.

Prince Edward Island will see about a four per cent jump this year; however, with its frozen food manufacturing – PEI’s largest export industry – it’s expected to rebound roughly eight per cent growth for 2019.

(Chart courtesy of edc.trade)

“There have certainly been some ups and downs among the provinces this year,” says chief economist at EDC, Peter Hall, in a news release. “It isn’t surprising, given the major economic and trade-related stories that Canadian exporters lived through during 2018. We expect conditions to stabilize in 2019, with growth forecast across every province and territory.”

The report also says Newfoundland and Labrador is looking at a whopping 33 per cent increase in exports this year and should see another double-digit increase in 2019 thanks to increasing oil production from the Hebron offshore oil platform. It also mentions the ramp-up of Vale’s Long Harbour nickel processing plant as a key factor.

 

RealAgriculture News Team

A team effort of RealAgriculture's videographers and editorial staff to make sure that you have the latest in what is happening in agriculture.

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