Ottawa, Canada (4E) – Wholesale sales in Canada rose in June due to strong sales of building materials and agricultural supplies.
Wholesale trade jumped 0.6 percent month-over-month to 53.01bn Canadian dollars ($48.44bn), according to Statistics Canada report released Wednesday. The figure had been forecast to increase 0.4 percent, according to Royal Bank of Canada economists.
Sales climbed 0.7 percent on a volume basis. The previous month’s wholesale sales numbers were revised up, indicating a 2.3 percent advance compared with the earlier estimate of a 2.2 percent increase.
Wholesalers comprise the biggest part of the service sector, and typically play the role of intermediary in merchandise distribution. As a consequence, many wholesalers are selling merchandise in large volumes to businesses, retailers and institutional clients.
Of the seven wholesale subsectors tracked by Statistics Canada, five posted gains in the month, led by the miscellaneous category, which grew 3.1 percent to 6.88bn Canadian dollars. Under the miscellaneous category, agricultural supplies were among the biggest contributors, with sales rising 4.9 percent to 2.04bn Canadian dollars.