Canadian Manufacturing Sales Increase for Fifth Consecutive Month in February, With Wood Industry Up 8.5%

Statistics Canada (StatsCan) reported today (4-14-22) that manufacturing sales increased for the fifth consecutive month in February, rising 4.2% to $67.7 billion (CAD) on higher sales in 14 of 21 industries. The sales surge was led by the motor vehicles (+25.0%), food (+5.3%), petroleum and coal (+6.7%), and wood (+8.5%) industries. On the opposite side of ledger, sales of computer and electronic products decrease the most, down -7.9% to $1.2 billion in February.

Total manufacturing sales rose 19.5% on a year-over-year basis in February.

Sales in constant dollars increased 2.2% in February, indicating that a higher volume of goods were sold as well as some inflationary pressure as the Industrial Product Price Index rose 3.1% in February.

Sales of wood products rose 8.5% to $4.5 billion in February, driven primarily by higher prices and volumes. Wood product sales have been trending upward since September 2021. Prices of lumber and other wood products increased 6.4% in February 2022, while exports of forestry products and building and packaging materials posted a 5.6% gain. Sales of wood in constant dollars increased 5.4% month over month in February.