Saskatchewan’s exports to the U.K. and the E.U. shouldn’t be too negatively impacted as a result of the “Brexit” vote.
While Thursday’s vote is significant, it is thought Saskatchewan’s export market is well positioned to withstand any volatility “Brexit” brings.
“Saskatchewan’s top export markets are the U.S. and Asian-Pacific markets like China, India, Japan, Indonesia and Bangladesh. Those six countries alone accounted for over 77 per cent of Saskatchewan’s $32.6 billion exports in 2015,” Premier Brad Wall explained. “The European Union, while important, accounted for slightly less than four per cent of Saskatchewan’s exports in 2015 and the U.K. specifically makes up just 0.3 per cent.”
Although those at the Saskatchewan Trade and Export Partnership (STEP) admit there is much uncertainty in the months ahead.
“It is status quo in the meantime but it’s the uncertainty that’s not good for business and its impact on commodity prices and the economies of the UK and the member-counties of the E.U.,” Chris Dekker, president and CEO of STEP said Friday. “It will take us some time to figure out where all of these relationships stand.”
Saskatchewan’s exports to the E.U. are mainly made up of commodities like wheat, lentils and chickpeas along with uranium.