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15.04.2024

Canada’s manufacturing sales rise in line with expectations in February

The Monthly Survey of Manufacturing, published by Statistics Canada on Monday, revealed that Canadian manufacturing sales jumped by 0.7 per cent m-o-m in February to CAD71.61 billion, following an unrevised 0.2 per cent m-o-m increase in January. That represented the largest monthly advance in manufacturing sales since November 2023 (+1.4 per cent m-o-m).

Economists had predicted a gain of 0.7 per cent m-o-m for February.

According to the survey, 13 of 21 industries posted advances in sales in February, led by the electrical equipment, appliance and component (+12.6 per cent m-o-m), furniture and related product (+6.8 per cent m-o-m), petroleum and coal product (+4.3 per cent m-o-m), and textile mills (+3.7 per cent m-o-m) subsectors. On the contrary, the apparel manufacturing (-11.5 per cent m-o-m), chemical (-5.5 per cent m-o-m), and leather and allied product (-4.3 per cent m-o-m) industries posted the biggest decreases.

Overall, sales of non-durable goods increased 0.5 per cent m-o-m in February, while sales of durable goods surged 1.0 per cent m-o-m.

Broken down by province/territory, manufacturing sales increased in 5 administrative divisions in February, driven by Quebec (+3.0 per cent m-o-m) and Alberta (+4.1 per cent m-o-m). Meanwhile, sales in Saskatchewan (-12.8 per cent m-o-m) demonstrated the largest decline.

In y-o-y terms, manufacturing sales edged up 0.1 per cent in February.

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