Wholesale sales in Canada increase 0.4 percent in July
Date
9/15/2024 9:34:34 AM
(MENAFN) On Friday, Statistics Canada reported that wholesale sales in Canada increased by 0.4 percent in July, reaching a total of USD82.7 billion. This growth contrasts with market expectations, which had anticipated a decline of 1.1 percent. The previous month's figure for June remained unchanged, showing a decrease of 0.6 percent. The rise in July indicates a positive shift in wholesale activity, which is often seen as a precursor to consumer spending trends.
The increase in wholesale sales was driven by gains in four out of seven subsectors. Notably, the agriculture supplies industry group within the miscellaneous subsector and the food, beverage, and tobacco subsector saw significant improvements. The food, beverage, and tobacco subsector experienced a 1.7 percent rise, bringing its total to USD15.0 billion in July. This marked a recovery following two consecutive months of declines.
In addition to the gains in specific subsectors, sales in all four major industry groups saw increases, with the food industry group leading the way. This sector recorded a 1.3 percent rise, reaching USD13.3 billion. This overall increase highlights a broad-based improvement across the wholesale sector, indicating a rebound in various industries.
Geographically, the provinces of Quebec and Alberta were at the forefront of this growth, each recording a 2 percent increase in wholesale sales. On a year-over-year basis, wholesale sales in July were 1.1 percent higher compared to the same month last year, reflecting a continued upward trend in the sector.
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