The province’s exports will drop by 20 per cent in 2009 before rising moderately next year, according to Export Development Canada.
The EDC released its findings of a provincial export outlook yesterday and said the significant drop in Nova Scotia will be followed by a two per cent increase in 2010.
“Nova Scotia’s exports will be driven down by a weaker demand for luxury fishery products, a decreasing supply of natural gas and production cut-backs in the tire and newsprint initiatives,”
Peter Hall, chief economist of EDC, said in a release. “More than three quarters of Nova Scotia’s exports are destined for the U.S., so the recession that is fully entrenched there now will hit Nova Scotia’s export sector hard.”
EDC expects fisheries’ exports to fall by 21 per cent this year and energy exports to fall by 47 per cent.
Across the country, EDC says Canadian exports are forecast to drop by 22.2 per cent this year before rebounding by 7.4 per cent in 2010.