The motor vehicle industry group was the primary contributor to the growth in transportation equipment, as its sales rose 37.1% from 2022 to $62.1 billion in 2023. PHOTO courtesy Honda.
Sales in the Canadian transportation equipment subsector marked a new record, rising 27.0% to $139.1 billion in 2023. The gains were mainly attributable to the auto industry, followed by aerospace product and parts manufacturing, Statistics Canada reports.
The motor vehicle industry group was the primary contributor to the growth in transportation equipment, as its sales rose 37.1% from 2022 to $62.1 billion in 2023. Sales of motor vehicle parts increased 17.4% in the same period. While the easing of semiconductor supply chain shortages helped auto manufacturers ramp up production in 2023, the industry was temporarily impacted by a labour union strike in October. Exports of motor vehicles and parts rose 29.4% in 2023.
Production of aerospace products and parts increased 29.7% from 2022 to $24.9 billion in 2023, the second highest total on record. The growth was mainly driven by sustained demand for aircrafts and aircraft parts throughout the year. Exports of aircraft, aircraft engines and aircraft parts increased 24.2% in 2023.
