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

Canadian fabricated metal manufacturing shows growth in December

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Sales for the fabricated metal manufacturing sector grew 3.7% for the month of December and they were up 5% compared to December of 2022. PHOTO courtesy Prima Power.

Following a 1.5% increase in November, total Canadian manufacturing sales fell 0.7% to $71.2 billion in December, according to Statistics Canada’s Monthly Survey of Manufacturing.

Fabricated metal manufacturing, however, bucked the downward trend. Sales for the fabricated metal manufacturing sector grew 3.7% for the month of December and they were up 5% compared to December of 2022.

The motor vehicle industry group, one of the most important customers for Canadian job shops, suffered the greatest setback in sales with a 13.5% drop from the previous month. The 13.5% drop in motor vehicle sales in December marked the fifth consecutive monthly decline and the lowest level since December 2022.

“Production slowdowns for retooling in some auto assembly plants in Ontario were largely responsible for the decline. Exports of motor vehicles and parts fell 7.4% in December 2023. On a quarterly basis, sales of motor vehicles declined 12.9% in the fourth quarter of 2023, following four consecutive quarterly increases,” Statistics Canada notes.

Production of aerospace products and parts, another important customer, marked the largest increase, rising 10.6% to $2.5 billion in December, reaching its highest level on record. On a quarterly basis, production increased 14.6% in the fourth quarter, also the largest quarterly sales value on record. Strong aircraft deliveries by some major aerospace manufacturers contributed to the gain. Exports of aircraft, aircraft engines and aircraft parts were up 13.8% in December.

Total manufacturing sales in constant dollars edged down 0.1% in December, while the Industrial Product Price Index fell 1.5% in December.

On a quarterly basis, sales declined 1.6% to $213.6 billion in the fourth quarter of 2023, following a 1.3% increase in the third quarter.

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