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- Canada’s wholesale sales increase 0.7 percent in November
Canada’s wholesale sales increase 0.7 percent in November
Statistics
Canada reported on Tuesday the wholesale sales rose 0.7 percent m-o-m to CAD67.42
million in November, following an unrevised 1.0 percent m-o-m climb in October.
Economists had
forecast a 1.0 percent m-o-m gain for November.
According to
the report, sales increased in five of seven subsectors, led by the machinery,
equipment and supplies (+2.8 percent m-o-m) and the building material and
supplies (+1.1 percent m-o-m) subsectors, primarily reflecting higher domestic sales of the
Canadian goods, as both imports and exports of key commodities declined in
November.
Meanwhile, sales
of motor vehicles and motor vehicle parts and accessories went down 1.8 percent
m-o-m, recording their first monthly decline after six months of gains. Excluding
motor vehicle and motor vehicle parts and accessories subsector, wholesale
sales rose 1.2 percent m-o-m.
In y-o-y terms,
wholesale sales surged 7.7 percent in November.
Wholesale inventories dropped 0.6 m-o-m in November, recording their second
monthly decline in a row. Inventories fell in all seven subsectors in November,
with the machinery, equipment and supplies subsector (-1.1 percent m-o-m)
recording the largest decrease. The
inventory-to-sales ratio also fell for the second straight month, reaching 1.33
in November, down from in October. This was the lowest level since May 2018. In
y-o-y terms, wholesale inventories declined 2.2 percent in November.
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