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Aug 23, 2022

Wholesale Sales Have Ninth Monthly Increase

In June, wholesale sales rose 0.1 per cent to $80.7 billion, the ninth increase in the past 12 months, says Statistics Canada. Growth was recorded as a result of increases in two of seven subsectors ‒ miscellaneous and motor vehicle and motor vehicle parts and accessories subsectors ‒ which account for 30 per cent of wholesale sales. Constant dollar sales fell 0.1 per cent in June. Sales of miscellaneous goods increased for the fourth time in five months. A 3.5 per cent increase in sales marked the first time this subsector surpassed $12 billion. Growth of 15.5 per cent in the agricultural supplies industry and 3.3 per cent in the chemical and allied product (except agricultural) industry generated the bulk of the gain as three of the five industries recorded higher sales in June. The growth reflects the demand for Canadian fertilizer because of the ongoing conflict in Ukraine. The personal and household goods subsector posted the largest drop in June with sales falling 3.5 per cent to $11.1 billion. Sales in four of the five component industries fell, with substantial decreases in the textile, clothing, and footwear (down12 per cent to $1.5 billion) and the pharmaceuticals and pharmacy supplies (down 2.5 per cent to $5.6 billion) industries. Sales increased in three provinces and one territory in June, representing 19 per cent of national sales. The increase was predominantly due to higher sales in Saskatchewan and Manitoba, while Quebec recorded the largest drop in sales. The building material and supplies subsector reported the highest growth in inventories in June, up 6.1 per cent to $23.5 billion. This marks the third consecutive month of growth for the subsector. While all three component industries had higher inventories, gains in the lumber, millwork, hardware and other building supplies industry far surpassed those of the electrical, plumbing, heating and air-conditioning equipment, and supplies industry and the metal service centres industry. The growing stocks of lumber, millwork, hardware, and other building supplies coincide with the decline in demand domestically and abroad, as exports of lumber and other sawmill products fell 13.1 per cent in June.

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