Manufacturing sales in Canada increase by 1.4 percent in July
Date
9/17/2024 7:45:07 AM
(MENAFN) Canada's manufacturing sector saw a notable increase in sales for July, with figures rising by 1.4 percent to reach USD71 billion, as reported by the country's statistical agency on Monday. This growth exceeded market expectations, which had anticipated a smaller increase of 0.7 percent. The previous month's sales figure was also adjusted downward; June's initial reported decline of 2.1 percent was revised to a decrease of 1.7 percent.
The data highlights a strong performance in specific subsectors. Sales in the petroleum and coal product sector experienced a significant boost, rising by 6.7 percent to USD8.6 billion in July, following a modest increase of 0.4 percent in June. Additionally, the chemical products sector saw a rebound with sales climbing 5.3 percent to USD5.6 billion in July, after two consecutive months of decline.
Despite the monthly improvement, manufacturing sales on an annual basis showed a decrease. Compared to July of the previous year, manufacturing sales were down by 1.1 percent, reflecting a year-over-year contraction in the sector.
Overall, the July figures indicate a positive shift in Canada's manufacturing sector, driven by strong performances in specific subsectors, although annual trends still reveal some ongoing challenges.
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