Spain – Canada
Manufacturing sales, which had performed well from March to July, fell in August and also in September, by a further -2,9% year-on-year.
Motor vehicle sales in particular had been performing quite strongly, with increases in five of the past six months, before posting a sharp decline of -10,3% m/m in September, bringing the y/y rate to +4%. However, for the whole of Q3, real manufacturing sales growth was at an annual rate of +3,9%, supporting Q3 GDP. During this lull, October new home sales rose for the first time in five months, up +1,8% m/m, with a y/y rate of just +0,1%, while prices have risen by a significant +8,3% y/y. However, activity in Vancouver is very strong, with sales volumes up +19,3% y/y and prices up +15,6% y/y. Prices in Toronto are also up significantly, up +7,4% year-on-year, while sales volumes are at a more normal level of +2,9% year-on-year. The real estate sector in the areas most dependent on the oil sector is less positive; Calgary is the hardest hit area, with sales plummeting -36,4% year-on-year, with prices down -4,4%.
Source: Solunion
Weekly Export Risk Outlook – Euler hermes
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