Automotive parts sales dipped in August compared to the previous month but remain an impressive 30.7% ahead of the pace set in August 2021. PHOTO courtesy GM Oshawa.
Manufacturing sales fell 2.0% to $70.4 billion in August, the fourth consecutive monthly decline. There were lower sales in 17 of 21 industries, including primary metal and fabricated metal, according to Statistics Canada’s Monthly Survey of Manufacturing.
Although August sales were down from the previous month, manufacturing sales in August were still 15.9% ahead of August 2021.
Sales in the primary metal industry declined 3.2% to $5.4 billion in August, marking the industry’s fourth consecutive monthly decline and the lowest level since September 2021.
The decline was mainly attributable to declines in the non-ferrous metal (except aluminum) production and processing industry (-2.8%), despite this industry experiencing higher prices (+1.6%) in August.
Some major primary metal manufacturers were still recovering from unplanned interruptions that occurred in July. The easing of restrictions in China and increased domestic output have contributed to the lower prices of primary ferrous metal products in August. Sales in constant dollars were down 2.6%.
Sales in the fabricated metal industry dropped 1.7% in August compared to the previous month but still came in at 18.3% ahead of last August’s pace.
Similarly, sales of motor vehicle parts, a key indicator for Canadian metal working job shops, were down 2.7% in August compared to the previous month but up an impressive 30.7% compared to August 2021.