Wholesale trade, February 2024

Released: 2024-04-15

Wholesale sales (excluding petroleum, petroleum products, and other hydrocarbons and excluding oilseed and grain) were essentially unchanged (+0.0%) in February. Sales increased in four of the seven subsectors, led by the machinery, equipment and supplies subsector and the motor vehicle and motor vehicle parts and accessories subsector. On an annual basis, wholesale sales (excluding petroleum, petroleum products, and other hydrocarbons and excluding oilseed and grain) were 1.1% lower in February compared with the same month one year earlier.

Petroleum products as well as oilseed and grain data continue to be available in data tables but will be excluded from monthly analysis until historical data are available for monthly and annual analysis.

In volume terms, wholesale sales (excluding petroleum, petroleum products, and other hydrocarbons and excluding oilseed and grain) increased by 0.2% in February.

Chart 1 
Wholesale sales (excluding petroleum, petroleum products, and other hydrocarbons and excluding oilseed and grain) essentially unchanged in February

Growth in the machinery, equipment and supplies subsector offset by a decrease in the food, beverage and tobacco subsector in February

Sales in the machinery, equipment and supplies subsector grew by 1.1% to $17.6 billion in February, their second consecutive increase following four months of decline. While three of the four industry groups in the subsector recorded increases, growth in the subsector was 4.3% below where it was one year earlier.

After two monthly declines, the motor vehicle and motor vehicle parts and accessories subsector, up 0.8% to $14.3 billion in February, also contributed to wholesale sales growth. However, this figure was 3.2% below the peak of $14.8 billion in November 2023, as retooling continues to limit domestic manufacturing and exports of motor vehicles. Overall, all industry groups in the subsector rose.

Sales growth was largely offset by declines in the food, beverage and tobacco subsector (-1.3% to $14.6 billion) and the personal and household goods subsector (-1.4% to $11.9 billion). This was the former subsector's second consecutive monthly decrease and the latter subsector's first decrease following four months of growth.

Growth in Quebec offset by a decline in Saskatchewan

A majority of the provinces reported increases in wholesale sales (excluding petroleum, petroleum products, and other hydrocarbons and excluding oilseed and grain), led by Quebec.

Wholesale sales in Quebec increased 1.5% to $14.9 billion in February. Increased sales were reported in five of the seven subsectors, led by the machinery, equipment and supplies subsector (+4.5% to $2.5 billion), followed by the building material and supplies subsector (+4.6% to $2.3 billion).

The second-largest provincial increase was in British Columbia, up 2.4% to $7.9 billion. Growth was reported in six out of the seven subsectors, led by the food, beverage, and tobacco subsector (+5.6% to $1.7 billion).

The major offsetting movement was a large decline in Saskatchewan, where wholesale sales fell 8.1% to $3.5 billion in February. This decrease was mainly attributed to the miscellaneous subsector, in which sales decreased 18.8% to $1.4 billion.

Inventories fall in February

Wholesale inventories (excluding petroleum, petroleum products, and other hydrocarbons and excluding oilseed and grain) fell 1.0% to $126.9 billion in February, their lowest level since December 2022.

Declines in inventories were reported in four of the seven subsectors in February, led by food, beverage and tobacco merchant wholesalers (-6.4% to $13.6 billion), followed by machinery, equipment and supplies merchant wholesalers (-1.3% to $38.6 billion).

The inventory-to-sales ratio fell from 1.56 in January to 1.54 in February. This ratio is a measure of the time (in months) required to exhaust inventories if sales were to remain at their current levels.

Products

The product "Monthly Wholesale Trade Survey: Interactive Tool" (Catalogue number71-607-X) is available online. This product is based on the data published in the tables of the Monthly Wholesale Trade Survey: 20-10-0074-01, 20-10-0076-01 and 20-10-0003-01.

Contact information

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