Led by natural gas, lumber and seafood
In such circumstances, it’s welcome news, as business columnist Roger Taylor reported Tuesday, that a sharp increase in Nova Scotia exports this year — led by natural gas, lumber and seafood — is expected to lead the country.
A major jump in natural gas exports in 2014 — which have exceeded even the bullish forecasts of Export Development Canada (EDC) earlier this year — could mean $1 billion in foreign sales by year’s end.
Just last spring, EDC had only forecast Nova Scotia energy exports to rise to $300 million in 2015.
Deep Panuke has been online most of the year, while obstacles to full production at Sable have been cleared away, EDC chief economist Peter Hall told Mr. Taylor.
One wind filling exporters’ sales comes from a lower loonie. That’s due to a stronger U.S. greenback, fueled by a resurgent American economy, and falling oil prices. The shrunken loonie generally helps exporters in this region, as does stronger U.S. demands for imports, Mr. Hall and David Chaundry, senior economist for the Atlantic provinces Economic Council, noted separately this week.
In Nova Scotia, that scenario, especially the rise in U.S. housing starts, has particularly benefited lumber exports.
Seafood exports have also risen, driven in large part by rising demand in China for Nova Scotia fishery products such as lobster.