Released on September 25, 2024
Record Exports to Latin America Reported for Second Consecutive Year
Saskatchewan's exports to Latin America reached a new provincial record of $5.4 billion last year driven primarily by potash and agri-food products. Potash accounted for 54.5 per cent of exports in 2023 at nearly $3 billion, while agri-food products totaled over $2.4 billion.
Exports to Peru also increased by 19.3 per cent in April to June 2024 compared to the same period last year for a total export value of $105.5 million.
"The Latin American region is a vital component of our government's strategy to expand our province's trade network and export more Saskatchewan products around the world," Trade and Export Development Minister Jeremy Harrison said. "Global food security continues to be a priority for our province. These numbers show that our international engagement efforts to promote Saskatchewan as a reliable supplier of food and fertilizer on the world stage are working. This significant growth in or province's exports creates new jobs and economic opportunities for Saskatchewan's strong and vibrant communities."
Top agri-food commodities to the region include non-durum wheat, which increased 30.5 per cent from 2022, canola seed, lentils, canola oil, durum wheat and dried peas. The five top countries in Latin America for 2023 were Brazil, Mexico, Colombia, Peru and Ecuador, accounting for 85 per cent of Saskatchewan's exports to the region.
Saskatchewan's trade and investment office in Mexico City, which opened in 2022, continues to facilitate new partnerships and grow trade relationships in the region. In September 2023, the office supported a trade and investment mission to Mexico led by Saskatchewan Agriculture Minister David Marit that focused on promoting the province's agricultural and mining sectors.
"Saskatchewan's agriculture sector continues to make an impact on the global stage - and our increased presence in Latin America is no exception," Agriculture Minister David Marit said. "Our producers and value-added businesses are able and willing to provide sustainable, high-quality agri-food products to nourish the world and boost our provincial economy."
Earlier this year, Saskatchewan's Mexico Office assisted Saskatchewan Trade and Export Partnership (STEP) to lead eight Saskatchewan companies in a trade mission to Peru and Mexico which resulted in over 186 business-to-business connections and sales of over $1 million in agricultural commodities.
The Government of Saskatchewan recently unveiled its new Securing the Next Decade of Growth - Saskatchewan's Investment Attraction Strategy. This strategy combined with Saskatchewan's trade and investment website, InvestSK.ca, contains helpful information for potential markets and solidifies the province as the best place to do business in Canada.
For more information visit InvestSK.ca.
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