Wholesale trade falls in May, breaking five-month streak of increases

OTTAWA – Statistics Canada says wholesale sales broke a five-month streak of increases in May, falling 1.8 per cent to $63.8 billion, driven mainly by decreases in the motor vehicle and motor vehicle parts and accessories subsector.

The drop surpassed the 0.6 per cent loss that had been expected on average by economists, according to Thomson Reuters Eikon.

Sales were lower in six subsectors, accounting for 86 per cent of total wholesale sales.

Wholesale sales in the motor vehicle and parts subsector declined 4.3 per cent to $11.2 billion in May, the subsector’s largest monthly drop since February 2018.

StatCan says the fall coincides with a 3.9 per cent decrease in imports of passenger cars and light trucks over the same period.

Wholesale sales decreased 1.9 per cent from April to May, in volume terms.