Value of manufacturing shipments rises again with help from soaring industrial prices
Ottawa, ON -- With a push from soaring industrial prices, manufacturers chalked up their sixth consecutive increase...
Ottawa, ON — With a push from soaring industrial prices, manufacturers chalked up their sixth consecutive increase in shipments, rising 1.1% to $49.1 billion in May 2004. Meanwhile, the level of new orders moderated slightly (-0.8%), the first decline in six months, according to Statistics Canada’s latest Monthly Survey of Manufacturing report.
A robust global economy, coupled with the recent surge in prices for some of Canada’s resource-based industries, has generated a momentum in the Canadian manufacturing sector not seen since the economic boom of the late 1990s. During the first five months of 2004, with the trend on a healthy upswing, shipments rose 4.1% compared to the same period in 2003.
Shipments increased in 13 of the 21 manufacturing industries in May, representing 60% of total shipments. Non-durable goods industries jumped by 2.6% to $21.2 billion, boosted by the price-inflated petroleum industry. Durable goods manufacturing was essentially unchanged at $27.9 billion (+0.1%).
Following a string of contract signings in recent months, new orders decreased 0.8% to $49 billion in May, the first decline since November. Despite the drop, new orders remain almost 11% above levels of just six months ago. Decreases in the aerospace (-42.5%), fabricated metal products (-7.1%) and motor vehicle parts (-2.9%) industries contributed.