MARTIN CHARLTON COMMUNICATIONS
THE BOTTOM LINE
It’s Good to Be
When the numbers were in at the mid-point of the
year, Saskatchewan’s performance was a standout.
Unlike any other provincial economy, exports from
Saskatchewan actually rose during the COVID lockdown. In February, the
last full month prior to the pandemic declaration, exporters posted their
lowest monthly export revenues for the year.
There are a few messages or insights to be drawn from these data.
First, Saskatchewan’s unique economic mix is distinct from the rest of
the nation. We have a small but highly productive population spread over
a large land mass, meaning we have a relatively small domestic market.
Think of this way: imagine if Saskatchewan farmers could sell only to
Saskatchewan consumers. Obviously, a lot of land would go out production
– it is a vivid reminder of how we rely on external customers for our
The second big “ah-ha” moment in the data is just how important infrastructure
is to our economic well-being. Without it, we’d never get
product to those all-important external markets. No doubt the condition
of our infrastructure and the need for maintenance of existing assets coupled
with the addition of new ones will play into the various election
campaigns this fall.
The second big “ah-ha”
moment in the data is just how
important infrastructure is to
our economic well-being.
Total of all merchandise
Trade January 2020 February 2020 March 2020 April 2020 May 2020 June 2020 July 2020
Import $973,791 $924,730 $1,051,945 $841,426 $747,192 $729,535 $758,116
Domestic export $2,364,447 $2,256,735 $2,790,074 $2,858,525 $2,464,377 $2,289,391 $2,532,962
ALEKSTAURUS / 123RF
Given that 70 per cent of our GDP is based on two-way trade – the highest
ratio of any province in Canada – infrastructure and the role of the
industry that builds it is paramount to the provincial economy’s broader
success. We produce far more than we consume but production is only
the first step in the equation. Fulfillment or getting that production
to customers around the world is a foundational element of what makes
52 Think BIG | Quarter 4 2020 | saskheavy.ca