Like most other statistics, the most recent data we have starts to show the potential impact of Covid-19 but not the full picture. We have data through March 2020 but April will be more informative.
We do know the value of exports to the United States in March 2020 fell by 16% compared to March 2019. But like always when you evaluate export values you need to pull out refined oil because it is such a huge part of our exports and because its value can very widely. Pulling out mineral products (which would include Canaport LNG exports) the value of exports dropped only by 2% and, in fact, wood and paper exports increased (again April will be an important data point).
Vegetable exports are actually up strongly but prepared foodstuffs have declined in value (likely french fries).
Interestingly, the value of imports from the United States dropped by 26% year over year across a broad group of categories but retail goods led the way – vehicles, appliances, etc.
This data does not include interprovincial exports (from elsewhere in Canada) or international. The former will take some time to be published and the latter I will try to analyze soon.
