July 14, 2004
For immediate release
PEI Exports Soar in May, Led by Food Products
Development and Technology
PEI's cumulative exports to date this year total $234.9 million, a 0.7% above the cumulative value for the same period in 2003.
“Because PEI relies so heavily on exports, any growth in this area is great news for our economy,” said Development and Technology Minister Mike Currie. “Growth in food exports is especially good news because it means an increase for our primary producers and our value-added processors as well.”
While there were gains in most categories, the surge in exports from PEI was dominated by food products. They increased to $42.9 million, a 44.4% gain over April's numbers, and 7.3% larger in value than in May of 2003.
Forest product exports increased 53% from April to May of this year, and are up by more than 4 times in value compared to May of 2003. The value of forest product exports year-to-date is $6.7 million, 59.5% more than in the same period in 2003.
Industrial goods exports from PEI were up 83% in May compared to April, but still lag on a year-to-date basis.
In the residual category of goods not otherwise classified, export value rose 16.3% from April to May, with a value of $5.7 million. Year-to-date, this residual “catch-all” of various other product exports from PEI totalled $24.6 million in May, a 60.8% increase compared to the same period in 2003.