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.

FEA compiles the Wood Markets News from various 3rd party sources to provide readers with the latest news impacting forest product markets. Opinions or views expressed in these articles do not necessarily represent those of FEA.
Original Source:
Monthly Survey of Manufacturing, February 2022