Following a 3.6 per cent decline in February, Canadian manufacturing sales increased 0.7 per cent to $72.3 billion in March, led by the motor vehicle (+8.6 per cent), aerospace product and parts (+18.8 per cent), and primary metal (+4.6 per cent) industries. Sales in the petroleum and coal product industry (-2.0 per cent) declined the most. On a quarterly basis, sales were up 1.4 per cent in the first quarter of 2023, mostly due to higher sales in the transportation equipment industry, reported Statistics Canada on Tuesday.
Statistics Canada
Sales in constant dollars rose 1.1 per cent in March from the previous month, indicating that a higher volume of goods were sold in March, said the federal agency.
“Following an 11.8 per cent decline in February, motor vehicle sales increased 8.6 per cent to $4.7 billion in March. With the gain in March, sales stood 19.9 per cent higher year over year, while on a quarterly basis sales increased 17.9 per cent in the first quarter of 2023. Canadian auto manufactures sold nearly 150,000 motor vehicles in March, the most since November 2019. While the industry saw a reduction in supply chain volatility and shortages of semiconductor chips in the first quarter of 2023 compared with the same quarter a year earlier, higher cost of raw materials and higher interest rates impacted prices and demand for new motor vehicles. The average prices of motor vehicles manufactured in Canada were over 20 per cent higher in March compared with the same month a year earlier,” added StatsCan.
“Sales in the petroleum and coal product industry fell 2.0 per cent to $8.7 billion in March on lower prices. This was the second consecutive monthly decline and the lowest level since January 2022. Real sales rose 4.2 per cent in March 2023. Prices for refined petroleum energy products (including liquid biofuels) declined 3.2 per cent in March. The recent declines in prices were partially attributable to the uncertainty over world economic conditions and stress in the banking sector. Exports of refined petroleum energy products (including liquid biofuels) decreased 6.7 per cent in March.”
Statistics Canada said manufacturing sales increased in five provinces in March, led by Quebec (+2.5 per cent) and Alberta (+3.9 per cent). Ontario (-0.4 per cent) posted the largest decline.
“Total inventory levels increased 0.5 per cent to $124.5 billion in March, on higher goods in process (+1.5 per cent) and raw materials (+0.7 per cent). Many of the inventory gains were attributable to high inventories in the computer and electronic product (+8.6 per cent) and primary metal (+1.5 per cent) industries,” it said.
Mario Toneguzzi
(Mario Toneguzzi is Managing Editor of Canada’s Podcast. He has more than 40 years of experience as a daily newspaper writer, columnist, and editor. He worked for 35 years at the Calgary Herald, covering sports, crime, politics, health, faith, city and breaking news, and business. He works as well as a freelance writer for several national publications and as a consultant in communications and media relations/training. Mario was named in 2021 as one of the Top 10 Business Journalists in the World by PR News – the only Canadian to make the list)
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