Mar 16, 2023
Statistics Canada: Wholesale sales up 2.4% at $84.2B in January, led by food and equipment growth
The Canadian Press
Markets misunderstood Canadian GDP: Economist
Statistics Canada says wholesale sales rose 2.4 per cent to $84.2 billion in January, led by growth in both the machinery, equipment and supplies and food, beverage and tobacco subsectors.
The agency says sales increased in six of the seven subsectors, accounting for 84 per cent of wholesale sales.
Sales of machinery, equipment, and supplies rose 3.2 per cent to $17.7 billion in January, following a sharp decline in December, while food, beverage and tobacco products sales grew 3.6 per cent to $15.7 billion, marking an increase for the second consecutive month.
Motor vehicle and motor vehicle parts and accessories was the only subsector that saw a decline in January, down 2.4 per cent to $13.3 billion, due to a ramp up in sales in the final quarter of 2022 and companies gearing up production for more electrical vehicle sales.
Wholesale sales in constant dollar sales grew two per cent in January.
Last month, Statistics Canada reported wholesale sales fell 0.8 per cent to $82.2 billion in December.
This report by The Canadian Press was first published March 16, 2023