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INTERNATIONAL AND INTERPROVINCIAL TRADE
The new trade agreement with countries in the European Union, the coming trade protectionism of a Trump administration in the USA, and the death of the Trans Pacific Partnership has renewed the focus on the importance of international trade for the Saskatchewan economy. Some of the findings from the analysis in this issue are as follows.
  • Saskatchewan continues to runs a trade surplus in goods and a deficit in services; a surplus internationally and a deficit inter-provincially.
  • Recent growth in trade has been driven by an increase in the export of goods internationally.
  • A downturn in the value of exports started in 2015 and continued into 2016. This was almost exclusively because of a decline in the value of crude oil going to the USA.
  • The top four products exported from Saskatchewan to other countries account for two-thirds of the total and are all raw materials. On the other hand, manufactured goods account for 94% of imported products.
  • The USA is the destination for 62% of our merchandise exports but the proportion is falling. The USA is even more dominant as a source, accounting for 97% of merchandise imports.
  • After a period of strong growth, the terms of trade with our international trading partners declined sharply in 2014 and 2015.



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