Manufacturing sales jumped higher in March, as Canada’s economy continues to recover from the Covid-19 pandemic.
According to Statistics Canada, manufacturing sales rose 3.5% to $57.8 billion in March, marking the highest level since June 2019 as sales increased across 17 of the 21 industries. The the motor vehicle, petroleum and coal and food product industries were responsible for much of the boost.
Motor vehicle and motor vehicle parts manufacturers saw sales increase 10.5% to $3.6 billion, as production temporarily ramped up in March despite an ongoing global semiconductor chip shortage that has decimated numerous auto production facilities around the world. Sales in the petroleum and coal products industry jumped for the sixth straight month, rising by 6.2% to $5.3 billion.
Canada’s food manufacturing sales were up for the fifth consecutive month, increasing 2.7% to a new record-high of 9.8 billion in March. Elevated prices for fruit, vegetables, feed and other food products considerably contributed to increase. Manufacturers of wood products saw their sales rise 4.6% to yet another record-breaking high of $4.5 billion, amid higher prices stemming from a surge in housing market activity in Canada and the US.
Information for this briefing was found via Statistics Canada. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.