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%).
