Saskatchewan Sees 306 Per Cent Jump in Uranium Exports to Europe

CANADA, May 8 - Released on May 8, 2024

Uranium Exports Push European Trade to New Levels  

Led by demand for Saskatchewan produced uranium, provincial exports to the European Union (EU), specifically Germany, continue to see strong growth in 2023.  

Uranium exports to the EU increased 306 per cent to almost $1 billion in 2023. With uranium, lentils, chickpeas, non-durum wheat, mustard seed and several agricultural machinery types seeing increases. Total exports to the EU increased 12 per cent.  

"Saskatchewan exports are making their way to new markets at record levels, creating jobs here at home and providing global food and energy security for the world," Trade and Export Development Minister Jeremy Harrison said. "Saskatchewan's newest trade and investment office, located in Berlin, is strengthening our bi-lateral relationships with jurisdictions across Europe and is expanding the reach of our exports."

According to the Saskatchewan State of Trade Report 2023, the province exported over $500 million in goods to Germany in 2023, a 238 per cent increase compared to 2022. Much of this increase is driven by rising demand for Saskatchewan uranium in the EU, which is recognized as the highest quality on Earth. Other exports to the country include lentils and canola seed.  

"Energy security is central to many of the conversations our global marketing group is having as utilities and countries move away from reliance on Russian nuclear fuel supply," Cameco Vice-President of Marketing David Doerksen said. "This is certainly true in the European Union, where we are connecting with existing customers and new customers who were previously not accessible to us. They are feeling an urgency to find a stable, long-term, Western-based source of uranium fuel and Cameco, and Saskatchewan can meet that need."  

Saskatchewan has also recently entered a new partnership with German-based companies. At COP28 in Dubai, Premier Scott Moe and Bayer Crop Science announced a new memorandum of understanding which will see the province and Bayer partner in exploring sustainable agriculture technology, with the goal of further reducing greenhouse gas emissions in agricultural production.  

In November 2023, Saskatchewan's Germany office supported a mission to Agritechnica in Hanover, one of Europe's largest agri-food conventions. Twenty-three Saskatchewan companies attended, resulting in over 190 deals with anticipated sales of $19 million.  

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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