Wholesale sales increased 1% in April, posting their second straight monthly gain after 12 lean months, Statistics Canada said today.
Wholesalers sold $37.22 billion worth of goods and services during the month. This was up from a revised $36.86 billion in March, and up by 7.4% from $34.65 billion in April of last year.
“The strong performance of the past two months contrasts with the previous 12, when wholesale trade was generally lacklustre owing to declining motor vehicle sales,” the statistical agency said.
As in March, the overall April sales gain was largely driven by vehicles, up 4%.
Other notable gains were in the “other products” segment, which includes chemicals, agricultural supplies, paper and disposable plastic goods, up 5.1% on the month. Sales of home and personal products rose 2%.
Declining wholesale action was reported in food products, off 1.6%, and computers and other electronic equipment, down 2.2%.
The value of wholesalers’ inventories declined 0.2% in April to $44 billion, taking the inventory-to-sales ratio down to a record low of 1.18.
The previous low in that ratio – representing the number of months it would take to sell out inventories at the current sales rate – was 1.19 in November 2002.