Statistics
Canada reported on Friday that wholesale sales (excluding petroleum and oilseed
and grain) declined 2.3 per cent m-o-m to CAD84.02 billion in April, following an unrevised 0.2 per cent m-o-m rise in March. This
marked the first monthly fall in wholesale sales in eight months and the
steepest since June 2023 (-6.3 per cent m-o-m).
Economists had predicted
a 0.9 per cent m-o-m drop in April.
According to
the report, sales decreased
in six of the seven subsectors, accounting for more than 81.6 per cent of total
wholesale sales. The Farm
product, excluding oilseed and grain (-7.4 per cent m-o-m), and motor vehicle
and motor vehicle parts and accessories (-6.5 per cent m-o-m) subsectors posted
the largest declines in sales in April. Meanwhile,
the food, beverage and tobacco subsector (+1.2 per cent m-o-m) was
the sole gainer.
In y-o-y terms,
wholesale sales (excluding petroleum, petroleum products, and other
hydrocarbons and excluding oilseed and grain) edged up 0.1 per cent in April.