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Canadian wholesale sales rises sequentially in March on rise in motor vehicle and parts subsector

Canadian wholesale sales rose on a sequential basis in the month of March. Wholesale sales grew 1.1 percent to CAD 62.8 billion, more than countering the fall of 0.4 percent in February, showed Statistics Canada. Sales in motor vehicle and parts subsector contributed the most to the gain. Stripping this subsector, wholesale sales grew 0.2 percent.

In the first quarter as a whole, wholesale sales grew 0.5 percent in current dollars and 0.4 percent in constant dollars compared with the fourth quarter of 2017. For both current and constant dollars, this marked the eighth straight quarterly rise.

The motor vehicle and parts subsector saw the largest gain, with sales rising 5 percent to CAD 11.8 billion, after three straight monthly declines. Lower sales in the other two industries within the subsector were outweighed by rises in the motor vehicle industry, where sales rose after five straight monthly declines. Sales in the building material and supplies subsector rose 3.4 percent to a record high CAD 9.2 billion.

Sales were up in every industry, led by the metal service centres industry. Meanwhile, sales in the food, beverage and tobacco subsector dropped for the second straight month, down 1.4 percent to CAD 11.9 billion in March. The food products industry accounted for most of the fall in the subsector.

Sales in the machinery, equipment and supplies subsector dropped for the second time in three months, falling 0.5 percent to CAD 12.6 billion in March.

Province wise, sales rose in two provinces, which together accounted for 56 percent of wholesale sales in Canada. In dollar terms, Ontario contributed the most to the gains. Sales in Ontario rose 2.5 percent to CAD 32.8 billion. In Saskatchewan, sales rose 2.5 percent, on the strength of higher sales in three subsectors. Meanwhile, sales fell in Quebec and Alberta.

Wholesale inventories dropped 0.1 percent in March to CAD 82.6 billion. Decreases in three subsectors, representing 32 percent of total wholesale inventories, were countered by rises in three other subsectors. The inventory-to-sales ratio fell from 1.33 in February to 1.31 in March.

At 16:00 GMT the FxWirePro's Hourly Strength Index of Canadian Dollar was neutral at -31.5286, while the FxWirePro's Hourly Strength Index of US Dollar was slightly bearish at -53.5792. For more details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex

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