CANADA'S LEADING INFORMATION SOURCE FOR THE METALWORKING INDUSTRY

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CANADA'S LEADING INFORMATION SOURCE FOR THE METALWORKING INDUSTRY

CANADA'S LEADING INFORMATION SOURCE FOR THE METALWORKING INDUSTRY

Manufacturing inventories accumulated at slower pace in 2023

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Total manufacturing inventories rose 1.2% from 2022 to $123.1 billion in 2023. PHOTO courtesy BLM

The year-end total manufacturing inventory levels in current dollars continued to grow in 2023, although at a slower pace, Statistics Canada reports.

Total manufacturing inventories rose 1.2% from 2022 to $123.1 billion in 2023. In comparison in 2021 there was a 17.2% increase and 2022 had a 20.3% increase.

Finished products (+3.9%) and goods in process (+1.7%) rose among the inventory components, while raw materials declined 1.0% in 2023. In constant dollars, all three components posted increases.

In the durable goods industries, total inventories rose 2.3% in current dollars and 2.1% in constant dollars in 2023. The increase in current dollar terms was primarily driven by higher inventories of primary metal (+7.9%) and transportation equipment (+5.2%).

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