Canada May wholesale trade posts highest jump in almost 17 years
Canadian wholesale trade rose by 5.7% in May from April, the biggest jump for almost 17 years, as restrictions imposed to fight the coronavirus outbreak were relaxed, Statistics Canada said on Friday, Trend reports with reference to Reuters.
Analysts in a Reuters survey had predicted an 8.5% jump from April. Statscan revised April’s record plunge to 21.4% from an initial 21.6% drop.
Sales were up in six out of seven subsectors, representing 78% of wholesale trade, while sales grew in seven of the ten provinces. Sales rose by 5.2% in volume terms.
Around 60% of the overall gain in May was due to sales of motor vehicles, parts and accessories, which soared by 33.4% gain but remained 62.6% lower than in May 2019.
The monthly overall increase in wholesale trade was the greatest since the 6.9% advance recorded in September 2003.