N.B. exports could decline by 3%: agency
Last Updated: Wednesday, November 29, 2006 | 1:11 PM AT
CBC News
New Brunswick's exports could decline by three three per cent next year, says a report released Wednesday by Export Development Canada.
Stephen Poloz, the author of the report, said the forecasted decline is based on slumping oil and forestry sectors.
"The price of oil is expected to continue to decline, this time next year [to] around $50 a barrel," said Poloz. "The forestry sector remains under stress because the U.S. housing sector is in steep decline, and will probably remain there for a full year."
The energy sector accounts for about 60 per cent of New Brunswick's exports, mainly because of the oil refinery in Saint John. Forest products make up another 20 per cent of the province's exports.
The forecasted decline follows a year in which exports increased by three per cent.
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