With energy representing approximately two-thirds of New Brunswick’s exports, it is no surprise that 2015 has been a challenging year. However, the five per-cent decline in exports expected for 2015 does not tell the whole story, as non-energy exports including agri-food, forestry and fertilizers, are experiencing significant growth this year.
Non-energy export gains, expected to total 15% in 2015 will continue their momentum in 2016 as the Picadilly potash mine and the Caribou zinc mine move into peak operation.
With over 90% exports heading to the United States, New Brunswick exporters will also see significant benefits from the strong US economy. Forestry exports are set to rise 4% in 2016 as the housing market south of the border continues its hot streak.
Agri-foods are already seeing significant growth buoyed by the low Canadian dollar and increase US demand for higher priced items such as lobster and salmon.
The expected rebound in energy prices will round out what has largely been a growing export picture for New Brunswick. The predicted 9% increase in energy exports in 2016 will lead to overall growth of 7% for the province in 2016.