Canada Wholesale Sales Rise 0.5% in November

By Robb M. Stewart

OTTAWA--Canadian wholesale trade edged higher in November, driven by a big rise in sales of motor vehicles with an increase in demand for electric vehicles.

Wholesale sales rose 0.5% on a seasonally adjusted basis for the month to 83.83 billion Canadian dollars, the equivalent of $62.13 billion, Statistics Canada said Thursday. The figure fell short of the data agency's advance estimate of a rise of 1.9% for the month.

In volume, or price-adjusted terms, wholesale sales inched up 0.1% in November, the data agency said.

On a one-year basis, nominal wholesale sales were 8.4% higher, while transactions on a volume basis were up 0.2%.

Wholesalers--the largest component of Canada's services sector--connect farmers or manufacturers that produce goods with companies and public institutions that use them. They also import goods from other countries and redistribute them within Canada.

Sales of motor vehicles and motor vehicle parts and accessories rose 10.1% in November, the largest monthly increase since July 2020, to a record C$13.84 billion, the data agency said, noting a rise in electric vehicle sales.

The machinery, equipment and supplies subsector also logged an increase for the month, bolstered by higher sales in the construction, forestry, mining, and industrial machinery, equipment and supplies industries. The remaining five wholesale sectors tracked by Statistics Canada posted declines in November.

The value of wholesale inventories declined 0.5% for the month to C$126.05 billion, though were up 20.2% on the same month the year before. Lower month-over-month inventories were reported in four of the seven subsectors, led by the building material and supplies subsector, and the personal and household goods subsector, the agency said.

Write to Robb M. Stewart at [e-mail]

(END) Dow Jones Newswires

01-19-23 0909ET