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December 15, 2021MANUFACTURING SHIPMENTS, OCTOBER 2021 With October reference month results, year-over-year (Oct2021 vs Oct2020) and year-to-date (Jan-Oct 21 vs Jan-Oct20) show rebounds in economic activity from the unprecedented declines observed in the first wave of the COVID-19 pandemic.
Month over month (seasonally adjusted, October vs. September 2021)
Nova Scotia's manufacturing shipments decreased 3.9% to $795.3 million. National shipments increased 4.3% to $61.2 billion.
Manufacturing shipments were up in 6 of 10 provinces, led by Ontario and Saskatchewan. Nova Scotia and Newfoundland and Labrador reported the largest declines.
Year over year (seasonally adjusted, October 2021 vs. October 2020)
Nova Scotia's manufacturing shipments increased 1.2%. National shipments increased 13.3%.
Manufacturing shipments were up in all provinces, led by Saskatchewan and Alberta. Nova Scotia reported the smallest gain.
Year to date (seasonally adjusted, Jan-Oct 2021 vs. Jan-Oct 2020)
Nova Scotia's manufacturing shipments increased 14.2%. National shipments increased 17.5%.
Manufacturing shipments were up in all provinces, led by Saskatchewan and New Brunswick. Newfoundland and Labrador reported the smallest gain.
Trends
In the nine months leading up to the start of the COVID-19 pandemic, manufacturing shipments had been trending down both in Canada and in Nova Scotia.
After the pandemic was declared, Nova Scotia's manufacturing shipments declined sharply, falling 16.1% from February 2020 to May 2020.
National shipments reached their trough earlier, falling 36.3% from February 2020 to April 2020.
Since then, Nova Scotia's manufacturing shipments have recovered and were 7.4% higher in October 2021 than in February 2020. National shipments have also been trending upwards since August 2020 and were 7.7% higher in October 2021 when compared to February 2020 levels. All provinces, except for Newfoundland and Labrador have reached and surpassed pre-pandemic shipments. Newfoundland and Labrador shipments are only half of what they were prior to February 2020.
Statistics Canada. Table 16-10-0047-01 Manufacturers' sales, inventories, orders and inventory to sales ratios, by industry (dollars unless otherwise noted); Table 16-10-0048-01 Manufacturing sales by industry and province, monthly (dollars unless otherwise noted) (x 1,000); Table 16-10-0011-01 Manufacturing sales, by industry for 12 Selected Census Metropolitan Areas (x 1,000)
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