The value of Canadian wholesale sales jumped more than expected in December on widespread gains across the sectors, led by the motor vehicle and parts segment, data released by Statistics Canada showed on Wednesday.
The agency reported that wholesale trade rose 2.5% to $55.4 billion from $54.1 billion, surpassing economists’ expectations for a 0.3% gain. Trade fell by 0.3% in November.
Higher sales were seen in six out of seven sub-sectors, accounting for 80% of wholesale sales. In volume terms, sales rose 2.4%.
The motor vehicle and parts sub-sector racked up the largest gain in dollar terms, rising 5.5% to a record $10.1 billion. This was largely due to a 9% increase in the motor vehicle industry, its third monthly increase in a row.
Inventories rose for the 12th consecutive month, rising 1% to $69.1 billion. The gains in inventories were also broad, with six out of seven sub-sectors rising.
Wholesale sales saw widespread growth for the year overall, up 6.4% compared to the previous year, the strongest annual gain since 2011.
