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Canadian manufacturing sales beat expectations in December

Canada's manufacturing sector is being closely watched by policymakers as part of a hoped for shift in the economy from resource sectors to the non-resource segment.

OTTAWA – Canadian manufacturing sales ramped up after last year, Statistics Canada said Tuesday, but the hollowed out industry still remains below its pre-financial crisis peak.

Sales of products produced in factories increased 1.2 per cent to $51.6 billion in December, while sales figures for November were revised higher to at least one.2 percent from one percent. The bump in sales was reflected in a strong December trade report, which saw non-energy exports surge and Canada’s trade deficit unexpectedly shrink to $585 million from $1.6 billion in November.

Still, for the about a manufacturing revival in Canada, there is still quite a distance to go before the industry returns to its glory days.

“Activity has yet revisit January 2008 levels after eight years,” said Benjamin Reitzes, senior economist at BMO Capital Markets. “Even on the nominal basis, which advantages of a weaker Canadian dollar, sales were below year-ago levels in 10 of 11 months to December.”

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