Randy Thanthong-Knight and Erik Hertzberg, Bloomberg News
OTTAWA
EnergiesNet.com 06 16 2022
Canadian manufacturers saw receipts climb for a seventh straight month on gains in petroleum and coal products, as well as motor vehicles and primary metals.
Factory sales rose 1.7% in April, Statistics Canada reported on Tuesday from Ottawa, matching expectations in a Bloomberg survey of economists. That’s after an upwardly revised 3.5% gain for March. In volume terms, which strip away price increases, sales climbed 0.9%.
The data point to continued strength among Canada’s manufacturers as the economy recovers from the Covid-19 pandemic. There’s also evidence firms are still running up against supply constraints: unfilled orders rose 2.9%, the sixth straight monthly increase.
Global supply disruptions caused by the Russian invasion of Ukraine led to a surge in prices of refined petroleum, iron and steel, which boosted Canadian factory production. Petroleum and coal sales rose 3.7% to a record high, while vehicle sales posted the third monthly increase.
Manufacturing sales increased in six provinces, led by Alberta, where gains were driven by petroleum and chemicals.
Inventory levels continue to rise to records, led by the machinery and chemical sectors. The inventory-to-sales ratio increased to 1.55 in April, from 1.54 in March.
bloomberg.com 06 14 2022
