New Brunswick's Key Exports

New Brunswick is a major exporter of seafood products, with lobster being its most valuable export. In 2017, lobster made up nearly half of all seafood exports from the province, and this number is expected to grow as demand rises across Canada and the world. Other popular seafood exports include haddock, scallops, and mackerel. The maritime industry is vital to New Brunswick's economy, with over 90% of seafood products being caught in waters along its coast.

In addition to seafood, New Brunswick also exports forestry products such as lumber and pulpwood. The forestry industry is crucial to local economies and employment opportunities in rural communities. In 2017, over $1 billion was exported in forestry products from New Brunswick to other parts of Canada and internationally.

Agricultural products, such as dairy goods and grains, are also significant exports from New Brunswick. In 2017, more than $350 million worth of agricultural goods were exported to domestic and international destinations.

New Brunswick's exports are diverse and contribute to Canada's economic prosperity. With increasing demand for these goods, the province is well-positioned to benefit from continued growth in local and provincial economies.

Refined oil and crustaceans are the highest-valued exports

New Brunswick is a key player in the Canadian economy, with a diverse range of exports that contribute significantly to the country's prosperity. Two of its most valuable exports are refined oil and crustaceans, such as lobster, haddock, scallops and mackerel.

Refined oil is a major export from New Brunswick, with the province being a net producer of refined petroleum products (RPPs). The Irving Oil Refinery in Saint John is the largest refinery in Canada and the only one in New Brunswick, operating primarily for exports to the US and neighbouring provinces. With a capacity of 320 thousand barrels per day, it produces RPPs in excess of New Brunswick's needs. This makes New Brunswick a significant supplier of gasoline to the US East Coast.

The province's crustaceans, particularly lobster, are also highly valuable exports. The maritime industry is vital to New Brunswick's economy, with over 90% of all seafood products exported being caught in waters along its coast. Lobster has been the main driver of success for the province's fishing industry for decades and continues to grow in demand across Canada and worldwide. In 2017, lobster made up nearly half of all seafood exports from New Brunswick.

In addition to refined oil and crustaceans, New Brunswick also exports other natural resources such as forestry and agricultural products. The province's diverse range of exports showcases its important contribution to Canada's economic landscape.

To further enhance its economic prospects, New Brunswick stands to benefit from preferential access to the EU market. The EU is already the province's second-largest export destination, and the Comprehensive Economic and Trade Agreement (CETA) will eliminate tariffs on almost all of its exports, providing a competitive advantage in the EU market.

The US is the largest export market

New Brunswick's exports to the US include products from sectors such as fishing, fish products, metals and mineral products, agriculture and agri-food, chemicals and plastics, information and communications technologies, and advanced manufacturing.

In addition to the US, the EU is also a significant export market for New Brunswick. The EU is New Brunswick's second-largest export destination and third-largest trading partner. The Comprehensive Economic and Trade Agreement (CETA) will further enhance New Brunswick's exports to the EU by eliminating tariffs on almost all of its exports and providing access to new market opportunities.

New Brunswick's exports to the US and other international markets contribute to the province's economic growth and development. By diversifying their export markets, local businesses can expand their reach and increase their sales. ONB's strategic advisory services and support programs play a crucial role in facilitating this process, providing expertise and connections to help businesses navigate the complexities of exporting and entering new markets.

Overall, the US is the largest and most significant export market for New Brunswick, with ONB playing a key role in facilitating businesses' expansion into the US and other international markets.

The agriculture sector is growing

New Brunswick's agriculture sector is growing and evolving, with a rich heritage and diverse farms that contribute significantly to the provincial economy. The sector employs over 11,500 people, and the value of food and beverage shipments exceeds $1 billion. This growth is facilitated by organizations like ONB, which helps New Brunswick companies expand their businesses internationally and diversify their exports. ONB provides strategic advisory services, expert mentoring, relationship facilitation, and support for training and business development.

The crops sector is particularly diverse, with over twenty different types of agricultural commodities. The production of crops generates half of the farm cash receipts for agriculture in the province. To support this growth, New Brunswick offers a range of programs and resources for farmers, including the New Brunswick Lime Transportation Assistance Program, the Farm Business Registry, and the Farmer Mental Health and Farm Safety Initiative.

The province also has a strong focus on entrepreneurship training and education in agriculture, helping individuals cultivate their business skills and pursue careers in the sector. With a wide variety of farms, New Brunswick presents ideal opportunities for those looking to establish a career in agriculture and put down roots in the industry.

Additionally, the implementation of the Comprehensive Economic and Trade Agreement (CETA) will further enhance New Brunswick's agricultural sector. CETA will eliminate tariffs on almost all of the province's exports to the EU, providing preferential access to the EU market for agricultural goods, including Canadian beef, pork, and bison. This agreement will give New Brunswick exporters a competitive advantage and open up new market opportunities, contributing to the continued growth of the agriculture sector.

Exports are mainly manufactured goods

New Brunswick's exports are largely manufactured goods. The province has a strong energy sector, with refined petroleum being its primary export. In 2023, exports of petroleum spirit for motor vehicles and light petroleum distillates were valued at over C$5 billion and C$4 billion, respectively. Other significant energy exports include petroleum bitumen, petroleum coke, and petroleum gas.

The energy sector is closely followed by the forestry industry, with exports of S-P-F coniferous wood, sawn or chipped, and frozen Homarus lobsters each contributing several hundred million dollars to the province's economy in 2023. New Brunswick's logging industry is also reflected in its exports of wood carpentry, particleboard, and woodpulp.

In addition to these primary industries, New Brunswick has a diverse range of manufactured exports. The province exports central heating boilers, tanks and armoured vehicles, and uncoated paper. It also produces and exports agricultural and agri-food products, such as potatoes, tobacco, beef, and dairy.

New Brunswick's exports are vital to its economy, and the province has been working to expand its global reach. With a focus on energy development and a diverse range of manufactured goods, New Brunswick continues to strengthen its position in international trade.

Exports are worth billions

New Brunswick's exports are worth billions of Canadian dollars. In 2023, the province exported goods worth C$18.7 billion, making it the 7th largest exporter out of the 13 provinces in Canada. The top exports from New Brunswick include petroleum products, light petroleum distillates, wood and wood products, and seafood.

Petroleum and refined oil products are a significant part of New Brunswick's exports. The province is a net producer of refined petroleum products (RPPs) and a major supplier of gasoline to the US East Coast. The Irving Oil Refinery in Saint John, the largest in Canada, produces RPPs in excess of New Brunswick's needs, with exports going to the US and neighbouring provinces. In 2023, exports of petroleum spirit for motor vehicles were valued at C$5.1 billion, while light petroleum distillates accounted for C$4.33 billion.

Wood and wood products are also a key part of New Brunswick's exports. In 2023, exports of S-P-F coniferous wood, sawn or chipped, were valued at C$492 million. The province also exports wood products such as newsprint, wood pulp, wood carpentry, and particleboard.

Seafood is another important export sector for New Brunswick. In 2023, exports of frozen Homarus lobsters were valued at C$482 million. The province also exports other seafood products, including crustaceans.

In addition to these traditional exports, New Brunswick is also developing its services-based exports. This includes tourism, education, information technology, and engineering. These service exports are not always captured in merchandise export statistics but contribute significantly to the local economy.

New Brunswick is also exploring new markets for its exports. The province stands to benefit from preferential access to the EU market through the Comprehensive Economic and Trade Agreement (CETA). CETA will eliminate tariffs on most of New Brunswick's exports to the EU, providing a competitive advantage and access to new opportunities.

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