Media Release – STEP State of Trade
Media Release – STEP State of Trade
Regina, Saskatchewan – Saskatchewan’s Trade and Export Partnership (STEP) today released the 2017 State of Trade Report which notes that Saskatchewan exports increased by over eight per cent from $26.7 billion to $28.9 billion in 2017 according to initial year-end data from Industry Canada. The increase was led by the improved price received for oil shipments to the United States.
The United States remains Saskatchewan’s number one market with just over half of our 2017 exports being shipped south. Compared to the economies of Ontario and Quebec which export over 70 per cent of their goods to the U.S., Saskatchewan is considerably more diversified. In 2017, China, India, and Japan accounted for approximately 20 per cent of Saskatchewan’s export sales. Oil, canola, potash, and wheat remain Saskatchewan’s top exports in 2017.
While the implementation of the Canada-European Union Comprehensive Economic and Trade Agreement (CETA) and the agreement reached with the 11 members of the Trans-Pacific Partnership bode well for exports, there are significant challenges for the province’s exporting sectors – most notably the North American Free Trade Agreement (NAFTA) renegotiations and the recent imposition of stifling Indian tariffs on pulses.
Minister of Trade and Export Development, the Honourable Jeremy Harrison, noted that the provincial government’s renewed focus on international engagement will assist Saskatchewan exporters take advantage of opportunities and mitigate international risks.
“The bedrock of Saskatchewan’s economy has always been a competitive, diversified, and export-based range of sectors that produce what the world needs,” said Harrison. “Our focus remains not only on reinforcing our existing links to global markets, but actively seeking out new markets as well. Reducing barriers to trade and exports wherever possible is how we grow our businesses – and it’s how we will continue to grow Saskatchewan.”
The report also noted that national exports rose by approximately 5.6 percent with all provinces reporting increases except for Ontario where exports dropped by 3.6 percent. Saskatchewan continues to lead the provinces in exports per capita.
STEP supports the Export Development Canada forecast of a four percent increase in exports in 2018. The full report can be viewed at STEP’s website at www.sasktrade.sk.ca.
STEP is a membership driven, government/industry partnership, designed to promote the growth of Saskatchewan’s export industry.
For more information, please see the 2017 State of Trade Report.
For further information, please contact:
Chris Dekker, President & CEO
Saskatchewan Trade & Export Partnership (STEP)
Telephone: 306 787 1550
cdekker@sasktrade.sk.ca
Deb Young, Media Relations Manager
Ministry of Trade and Export Development
Telephone: 306 787 4765
deb.young@gov.sk.ca
