Interprovincial trade and Newfoundland and Labrador
Newfoundland and Labrador has always been a trading nation and it remains so after Confederation. The local population is too small to enable the local economy full use of all resources within the province. Therefore our economy, and our prosperity, is built on trade.
Figures from the Government of Quebec (Fiscal Year 2001), bear this out. There may be more recent figures but these are the ones that were most readily available.
Newfoundland and Labrador exported $3, 003.2 million of goods and services to other provinces in Fiscal Year (FY) 2001. The destination of most of those goods was Ontario, which imported $1, 132.5 million of locally produced goods and services. Quebec was next with $646.8 million, followed by New Brunswick with $641.6 million.
The province imported $5, 390.5 million worth of goods and services from the rest of Canada in FY 2001. Newfoundland and Labrador imported $2, 342.4 million in goods and services from Ontario, the largest provincial trading partner. Quebec was next, at $1, 172.4 million, followed by Nova Scotia at $686.2.
Within Canada, Newfoundland and Labrador experienced a trade deficit that year, importing $2, 387.3 more than it exported.