Canadian manufacturing sales fell 1.7 per cent in January, led by an 11.9 per cent decline in petroleum and coal products. However, the unit volume of manufacturing sales fell only 1 per cent, indicating that lower prices were a significant driver of falling dollar volume. Although sales were down in 14 of 21 manufacturing sub-sectors, sales excluding petroleum and coal products fell just 0.5 per cent.
In BC, where manufacturing employs close to 170,000 people, manufacturing sales fell 2.7 cent on a monthly basis in January, but were 2.7 per cent higher year-over-year. BC's diverse range of non-energy exports should translate to its manufacturing and trade sector outperforming other provinces this year, particularly as demand from the US economy ramps up.
Copyright BCREA - reprinted with permission
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