Numbers released this morning by Statistics Canada showed wholesale sales experienced its biggest increase in two-and-a-half years during the month of May.
Wholesale sales rose 2.3% to $50.3 billion in May, the largest rate of growth since the beginning of 2011.The increase was largely due to higher sales in the agricultural supplies and food industries. In volume terms, wholesale sales were up 2.4%.
The nation's number crunchers added that sales increased in all sub-sectors in May. The miscellaneous sub-sector and the food, beverage and tobacco sub-sector accounted for more than 70% of the growth.
Sales in the miscellaneous sub-sector, which amounted to 6.7% of the total, were led by a 19.6% increase in the agricultural supplies industry, which recorded its sixth consecutive gain. The May advance in sales coincided with a higher-than-usual increase in fertilizer sales by manufacturers.
The food, beverage and tobacco sub-sector was up 3.9% as a result of 4.2% higher sales in the food industry, which accounts for nearly 90% of the sub-sector's sales. The increase followed a year of relatively flat sales.
The agency also said sales in the motor vehicle and parts sub-sector rose 1.4%, largely because of a 2.9% increase in the new motor vehicle parts and accessories industry, which recorded its first advance in three months. The motor vehicle industry posted a 0.9% gain.
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