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backAMERItalk May, 2012
Canada March Manufacturing Sales Surge 1.9%
Canadian manufacturing shipments rose more than expected in March, recording the biggest advance in six months on strong sales of petroleum and coal products, Statistics Canada said Wednesday.
Factory sales rose 1.9% in March to C$49.66 billion (US$49.32 billion), following a revised 0.2% drop in the previous month. The market consensus was for a 0.4% gain, according to economists at Royal Bank of Canada.
Sales rose in 13 of the 21 sectors tracked by the data agency. On a volume basis, manufacturing sales also advanced 1.9%, the largest such climb in eight months.
The March data also indicated robust increases in new and unfilled orders - with the level of unfilled orders hitting a three-year high.
On Tuesday, Canadian Finance Minister Jim Flaherty told all-party members of a parliamentary committee he was "not as pessimistic" about the prospects for Canadian manufacturers, based on anecdotal evidence he had gathered. Canada's main political opposition has accused Flaherty and his Conservative government of ignoring the manufacturing sector's woes, and instead focus on policies to boost the country's oil and mining companies.
The March results were driven by a 4.5% gain, to C$7.53 billion, in petroleum and coal products, the highest sales level since before the 2008 financial crisis. The gain was attributed to higher sales volumes at oil refineries.
The chemical industry recorded a 3.2% sales gain, to C$3.95 billion, while the volatile aerospace product and parts sector posted a 9.9% advance to C$1.37 billion.
Following a deep decline in February, auto makers rebounded with a 2.3% sales increase, to C$4.12 billion.
Inventories declined 1.2% to C$64.45 billion, the largest such drop since September 2009. Revisions to February data suggested inventories declined 0.1% that month, as opposed to the preliminary estimate of a 0.3% increase. The inventory-to-sales ratio - which measures the time required, in months, to exhaust inventories if sales remained at the current levels - fell to 1.30:1 in March from 1.34:1.
New orders climbed 2% in March to C$50.87 billion, following an upwardly revised 3% gain in February, largely due to demand for transportation equipment, energy, and computer and electronic products.
Unfilled orders, meanwhile, rose 2% to C$62.58 billion, the highest level since March of 2009, reflecting demand for aerospace products and parts, and machinery for the construction industry.
Source: MarketWatch - GAI
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