Final export figures for 1999 show that exports from Prince Edward Island are continuing to grow at a steady rate. The figures are tabulated by Industry Canada. They show a 21 per cent overall increase in exports over 1998 - and a sixty two per cent increase in exports since 1996.
The total value of exports on Prince Edward Island for 1999 is $565 million. Nearly every individual sector showed an increase. The export value of frozen lobster has risen from $42 million in 1996 to $99 million in 1999 - an increase of 135 per cent. Other increases include aerospace, up 36 per cent: frozen potato products, up 306 per cent: mussels, oysters and mollusks, up 67 per cent; lumber, up 475 per cent fruits and edible nuts, up 547 per cent, and ships propellers and blades, up 93 per cent.
"One of the most positive things about this news is that the growth in exports is broad based," said Development Minister Don MacKinnon. "While we continue to rely on our traditional industries, we are also seeing export growth in areas such as aerospace and diagnostic chemicals."
The export value of composite diagnostics or laboratory reagents grew 64 per cent over a four year period.
According to Industry Canada, for every billion dollars in export sales, 11,000 jobs are created. Using that multiplier, over 6200 jobs on Prince Edward Island are tied to provincial exports. That represents an increase of 2400 jobs since 1996.
"Every dollar that comes through exports is a new dollar to Prince Edward Island," said MacKinnon. " The continued increase in exports is a positive sign of the continuing health of our province's economy."
The province's lead business agency, Prince Edward Island Development Inc, has refocused it's efforts to help more businesses become involved in exporting.
Through its Trade and Export Division, PEIBD assist Island businesses in the development of export markets and the pursuit of specific business opportunities.