Manufacturing sales in Canada rose 2.8% to $72.6 billion in October with sales increasing in 12 of 21 industries, led by the petroleum and coal (+12.7%), food (+2.9%), chemical (+4.9%) and miscellaneous manufacturing (+13.3%) industries, reported Statistics Canada on Wednesday.
Meanwhile, motor vehicles (-3.2%) and machinery (-1.7%) posted the largest monthly declines. Compared with the same month last year, total sales were up 16.5%, it added.
“After four consecutive monthly declines, sales in the petroleum and coal industry rose 12.7% to $10.6 billion in October, on higher prices and some volume growth (+2.1%). Prices of refined petroleum energy products (including liquid fuels) increased 14.9% in October, after four consecutive monthly declines, while exports of refined petroleum energy products were up 6.8%. The increases were likely related to anticipations of a lower crude oil supply—a feedstock for refined petroleum energy products—going forward as the Organization of the Petroleum Exporting Countries Plus (OPEC+) imposed a production cut for November,” said StatsCan.
In October, sales rose in seven provinces, led by Alberta, Quebec and Ontario. The increases were partly offset by lower sales in British Columbia, it said.
“In Alberta, sales rose 7.3% to a record high of $9.5 billion in October, after four consecutive monthly declines. The growth was led by petroleum and coal products (+13.7%), which experienced the second largest (in dollar terms) monthly increase in the province, as well as the chemical product industry (+14.9%) which recorded the largest increase. Year over year, total sales in the province were up 29.5%,” said the report.
(Mario Toneguzzi is a veteran of the media industry for more than 40 years and named in 2021 a Top Ten Business Journalist in the world and only Canadian)About Us
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