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Wholesale trade in Canada climbed for the fifth straight month during the period of August, with demand for agricultural supplies and farm equipment extending help to the rise.
Month-over-month wholesale trade rose 0.8 percent in August to a seasonally-adjusted 56.83 billion Canadian dollars (USD42.64 billion), data released by Statistics Canada showed Monday. On a year-over-year basis, wholesale sales increased 3.7 percent.
In volume terms, wholesale sales in August advanced 0.8 percent from the previous month. Further, wholesale inventories also rose 0.8 percent in the month, marking the first time in 2016 that wholesalers added to their stockpiles.
In addition, sales in the miscellaneous subsector rose 3.9 percent to CAD7.20 billion, on a hefty increase in demand for agricultural supplies such as fertilizer and pesticides. Wholesales in the machinery and equipment subsector posted a 1.3 percent rise in sales, to CAD11.38 billion, data showed.
Further, motor vehicle and parts posted a 0.1 percent gain. Excluding the auto component, wholesale trade in Canada rose 0.9 percent in August.
Meanwhile, the Bank of Canada (BoC) had mentioned last week that Canada’s services sector remains upbeat and will continue to add value into the country’s gross domestic product.
