Ottawa, Ontario – Alberta’s exports are expected to drop 35 per cent in 2009 before rising by 13 per cent in 2010, with crude and natural gas in decline, according to a report by Export Development Canada (EDC).
“All five of Alberta’s major export categories are expected to drop, and energy will lead the way with lower prices for crude and natural gas,” said Peter Hall, EDC chief economist. “Energy prices will regain some lost ground next year, lifting the province’s total exports by 13 per cent. While this is expected to be the second-best performance among the provinces, it still leaves the province’s total exports overall almost 26 per cent below the boom times of 2008.”
The energy sector account for 74 per cent of Alberta’s overall exports. EDC expects crude and petroleum product exports to plunge 40 per cent in 2009, as the price of crude falls from an average US$100 per barrel in 2008 to $47 in 2009.