Statistics Canada reported a 2.8% decline in manufacturing sales for April 2023, marking the largest drop since October 2023, attributed to the ongoing tariff disputes with the United States. Key sectors such as petroleum and coal products, motor vehicles, and primary metals saw notable decreases. Many manufacturers and wholesalers reported being affected by the tariffs, leading to expectations of potential lower revisions of monthly GDP. A corresponding drop in wholesale sales by 2.3% further reinforces the troubling economic environment during this period.
Manufacturing sales fell 2.8 per cent in April, the largest monthly drop since October 2023, largely due to the ongoing tariff dispute with the United States.
This significant decline in manufacturing sales suggests a broader economic impact, with many manufacturers and wholesalers feeling the pinch of tariffs amid the trade war.
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