Manufacturing Sales in Canada Decline 0.8% in June

Statistics Canada (StatsCan) reported on Monday (8-15-22) that manufacturing sales in Canada fell 0.8% to $71.8 billion (CAD) in June. This follows a 1.1% decline in May. Lower sales were reported in 8 of 21 industries, with declines of 7.8% in petroleum and coal products, 7.2% in wood products, and a 16.8% drop in aerospace products and parts industries leading the way. Counteracting those losses were increased sales of motor vehicles, up 13.8%, and chemical products, which rose 6.0%.

In Q2 sales manufacturing sales rose 5.8%, which marks the eighth consecutive quarterly gain and the third largest gain in dollars on record. The petroleum and coal industry posted a 21.9% gain, which contributed the most to the quarterly increase. The wood products industry posted the largest quarterly decline at 6.3%. Prices of softwood lumber declined 28.0% in June, the largest monthly decline since July 2021 (32.9%).

Sales in constant dollars edged up 0.1% in June, while the Industrial Product Price Index declined 1.1% in that month. On a quarterly basis, constant dollars sales increased 1.3% in the second quarter.