OTTAWA: Canadian wholesale trade fell in May after five months of gains, dropping 1.8%, Statistics Canada said on Monday, thanks to lower sales in the motor vehicle and auto parts industries.
Analysts in a Reuters poll had predicted an increase of 0.5% in May from April. The national statistics agency said wholesale inventories increased for a ninth consecutive month, jumping 1.1%, while sales decreased by 1.9% in volume terms.
Sales the motor vehicle and parts sub sector declined by 4.3% in May, the agency noted - the industry's largest drop since February 2018.
Meanwhile, lower imports of passenger cars and light trucks in May coincided with declines in motor vehicle sales, Statistics Canada said, with sales falling 5.2%.
Declines were also seen in the miscellaneous sub sector where sales decreased 4.2%. The sub sector includes goods like recyclable material, agricultural supplies, non-agricultural chemicals, paper, paper products and disposable plastic products.
The drop in miscellaneous sales, Statscan said, was led by the agricultural supplies industry, which posted a monthly decrease of 11.1% - the largest slump seen since June 2018.
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