By Kim Mackrael
Canadian wholesale transactions rose for a third consecutive month in July to surpass their prepandemic level, as sales in the automotive sector continued to recover.
Wholesale sales advanced 4.3% on a seasonally adjusted basis in July from the previous month to 64.54 billion Canadian dollars (US$48.89 billion), Statistics Canada said Friday. Market expectations weren't immediately available.
In volume, or price-adjusted terms, sales rose 4.2% in July.
Overall, wholesale sales in July were 0.6% higher than the level recorded in February, before the introduction of widespread economic restrictions aimed at slowing the spread of the new coronavirus. Statistics Canada said the recovery in wholesale sales has been widespread in recent months, with five of the seven sectors tracked by the data agency recording higher sales in July than in February.
On a 12-month basis, wholesale trade in Canada rose 0.7% in July.
Wholesale trade is the largest component of Canada's services sector. Wholesalers connect farmers or manufacturers that produce goods with companies and public institutions that use them. They also import goods from other countries and redistribute them within Canada.
Statistics Canada said sales of motor vehicles and motor vehicle parts and accessories continued to recover from the pandemic-induced plunge recorded earlier this year. July sales in the sector were up 19.3% in July from the previous month. Despite the advance, sales in the sector remained 9.8% below their prepandemic levels.
Write to Kim Mackrael at firstname.lastname@example.org