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Market news

15 March 2019

Canada’s manufacturing sales increase more than expected in January

Statistics Canada released its Monthly Survey of Manufacturing, which showed that the Canadian manufacturing sales rose 1.0 percent m-o-m in January 2019 to CAD57.05 billion, following an unrevised 1.3 percent m-o-m drop in December 2018.

Economists had anticipated an increase of 0.4 percent m-o-m for January.

According to the survey, sales rose in 15 of 21 industries, representing 55.9 percent of total manufacturing sales. Higher sales in the food (+2.8 percent m-o-m) as well as the electrical equipment, appliance and component industries (+13.0 percent m-o-m) were the main contributors to the January advance. Partially offsetting these increases were a decline in production in the aerospace product and parts industry (-12.4 percent m-o-m) and lower sales in the paper manufacturing industry (-2.7 percent m-o-m).

Overall, sales of durable goods surged 1.1 percent m-o-m in January, while sales of non-durable goods rose 0.8 percent m-o-m.

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