Biggest Decline on Record for Canadian Manufacturing Sales
Skerdian Meta•Monday, June 15, 2020•1 min read
Manufacturing sales were quite week already last year. Overall we saw just four positive months last year, when sales increased, leaving us with eight declining months. In February, sales turned positive at last, but that didn’t last long. In March sales declined by 9.2% as the country started going into lock-down, while in April we are seeing a record decline, as today’s report shows.
Canada April 2020 Manufacturing Sales Report
- April manufacturing sales -28.5% vs -20.0% expected
- Biggest decline on record
- March manufacturing sales at -9.2%
- Sales down in all 21 industries
- 85.2% of manufacturers said activities impacted by COVID-19
- Transportation equipment -76.4% including 97.5% in motor vehicle parts
- Sales in petroleum and coal -46.5%
- Ex autos -21.5%
- Inventories -0.6% vs +0.7% prior
- Unfilled orders -1.2%
- New orders -31.3%
“During the second week of May, many manufacturers resumed production after full or partial shutdowns in April,” Statistics Canada said. We all know that production essentially stopped in April. The question will be on how quickly it can bounce back. On that front, the Empire Fed was much better than expected.
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Skerdian Meta
Lead Analyst
Skerdian Meta Lead Analyst.
Skerdian is a professional Forex trader and a market analyst. He has been actively engaged in market analysis for the past 11 years. Before becoming our head analyst, Skerdian served as a trader and market analyst in Saxo Bank's local branch, Aksioner. Skerdian specialized in experimenting with developing models and hands-on trading. Skerdian has a masters degree in finance and investment.
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