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- Canada’s wholesale sales plunge much more than expected in April
Canada’s wholesale sales plunge much more than expected in April
Statistics
Canada reported on Thursday the wholesale sales tumbled 21.6 percent m-o-m to CAD49.82
million in April (the lowest level since July 2013), following a revised 2.7
percent m-o-m decline in March (originally a 2.2 percent m-o-m decrease). That was
the biggest decrease in wholesale sales on record.
Economists had
forecast a 12.6 percent m-o-m drop for April.
According to
the report, all seven subsectors recorded lower sales for the first time since
November 2008. The motor vehicle and motor vehicle parts and accessories
subsector (-64.7 percent m-o-m) contributed the most to the April plunge.
Excluding this subsector, wholesale sales fell 14.2 percent m-o-m.
In y-o-y terms,
wholesale sales decreased 23.4 percent in April.
Meanwhile,
wholesale inventories rose 1.2 percent m-o-m in April. Inventories increased in
five of seven subsectors, accounting for more than half of total wholesale
inventories. The inventory-to-sales ratio climbed from 1.45 in March to 1.87 in
April, the highest value on record. In y-o-y terms, wholesale inventories rose
2.6 percent in April.
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