Canadian Manufacturing Sales Increase for Fourth Consecutive Month in January 2022

Statistics Canada (StatsCan) reported today (3-15-22) that manufacturing sales rose for the fourth consecutive month—up 0.6% to $64.8 billion in January on higher sales in 14 of 21 industries, led by the petroleum and coal (+6.8%) and wood (+6.5%) product industries. The gain was partially offset by lower sales of motor vehicles (-17.5%). On a year-over-year basis, total manufacturing sales were up 13.4% in January.

Sales in constant dollars decreased 1.8% in January, indicating the modest monthly growth was a result of rising prices as the Industrial Product Price Index increased 3.0% month over month in January.

Sales of wood products rose 6.5% to $4.1 billion in January, the fifth consecutive monthly increase, driven as well by higher prices. Sales in constant dollars were unchanged. Prices of lumber and other sawmill products increased 14.6%, mostly on higher prices of softwood lumber. Exports of building and packaging materials increased 6.6% in January. Despite the gain in January, wood sales were down year-over-year by -2.0%.