Sales in the petroleum and coal product subsector rose 22.7 per cent in March, equaling $9.4 billion and marking the highest level since September 2023, according to Statistics Canada.
The increase is credited largely to higher prices from heightened geopolitical tensions in the Middle East, which disrupted energy markets and shipping routes through the Strait of Hormuz.
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Prices for energy and petroleum products grew by 27.4 per cent in March.
Manufacturing sales grew in eight provinces in March, with Ontario and Alberta posting the largest increases. In Ontario, manufacturing sales increased 2.2 per cent to $31.4 billion in March, marking a second consecutive monthly gain.
Sales rose in eight of 21 subsectors, led by transportation equipment (8.1 per cent) and petroleum and coal products (21.8 per cent).
In Alberta, sales increased 4.4 per cent on a month-over-month basis to $8.9 billion in March, according to Statistics Canada, which states it’s “driven primarily by increased sales of chemicals (16.8 per cent) and petroleum and coal products (7.7 per cent).”
Higher sales of basic chemicals, as well as resin, synthetic rubber and artificial and synthetic fibres and filaments contributed the most to the gain in chemical manufacturing.
Some Country is making money, Canada sits this one out..maybe sits all of the future out.
Didn’t Justin Weirdeau say this was going to be phased out by 2030? What a dodo he was