OTTAWA – Canadian manufacturing sales rose 1.7% to $72.3 billion in April, helped by gains in petroleum and coal products, motor vehicles and primary metals, Statistics Canada announced Tuesday.
The gain came as overall sales in constant dollars rose 0.9% in April, indicating that prices and volume sold contributed to the gain during the month.
Stephen Brown, senior Canadian economist at Capital Economics, said the increase means manufacturing sales volumes have now passed their pre-pandemic peak.
“While the recovery in the automotive sector appears to have stalled in May, the sharp increase in unfilled orders in April and the improvement in the S&P Manufacturing PMI in May nonetheless bode well for further production gains,” he said. writes Brown in a report.
New orders rose 3.1% to $75.2 billion in April, fueled by gains for aerospace products and parts, fabricated metals and motor vehicles, while the total value of unfilled orders rose. rose 2.9% to $103.9 million, the highest level since March 2020.
“Looking forward, while rapidly rising interest rates may affect demand to some extent, strong commodity prices suggest that Canadian manufacturing should hold up better than elsewhere,” wrote Brown.
Statistics Canada said Tuesday that higher prices helped sales of petroleum and coal products rise 3.7% to a new record high of $10.1 billion in April.
Meanwhile, motor vehicle sales rose 8.2% to $4.5 billion in April, while primary metal sales rose 4.1% to $6.2 billion. dollars. Aerospace products and parts added 11.2% to $1.6 billion.
Wood product sales fell 6.0% to $4.5 billion due to lower prices. Sales of wood products in constant dollars fell 1.3%.
Sales of paper products fell 7.9% to $2.5 billion in April.
This report from The Canadian Press was first published on June 14, 2022.
JOIN THE CONVERSATION