Maine exports to Canada are down 24%
Exports from Maine to Canada are down 23.7% so far this year, due in part to an 11-year low in the Canadian dollar’s value in relation to the U.S. dollar.
Maine International Trade Center President Janine Bisaillon-Cary told the Bangor Daily News that the decline in Maine exports is skewed by a sharp drop in certain fuel exports that pass into and back out of Maine. All other exports are down about 4.2% to date, she told the newspaper, noting that the decline in non-fuel exports is slightly under the national 5.2% drop in exports to Canada.
Another factor in the sluggish export activity, according to the BDN, is Canada’s economic slowdown, which caused the country to slip into a recession in the second quarter.
Through June, Maine exports of vehicles and vehicle parts, wood pulp and recovered paper and paperboard, certain twine, felt and rope and plastics exports were down most significantly among the top 25 commodities shipped to Canada, the state’s largest trading partner, the newspaper reported.
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