Wholesale trade, March 2024

Released: 2024-05-14

Wholesale sales (excluding petroleum, petroleum products, and other hydrocarbons and oilseed and grain) fell 1.1% to $81.4 billion in March. Sales declined in three of the seven subsectors, with the largest decline coming from the motor vehicle and motor vehicle parts and accessories subsector. On an annual basis, wholesale sales were 0.4% lower in March 2024, compared with the same month one year earlier.

In volume terms, wholesale sales declined 1.2% in March.

Chart 1 
Wholesale sales (excluding petroleum, petroleum products, and other hydrocarbons and oilseed and grain) decrease in March

Lower sales in motor vehicle and motor vehicle parts and accessories drag on wholesale sales in March

Following an increase in February, sales in the motor vehicle and motor vehicle parts and accessories subsector decreased, down 5.8% to $13.4 billion in March. The motor vehicle industry group fell 7.0% to $10.6 billion, in part as several manufacturing plants have begun retooling work on assembly lines to produce new vehicle models. The new and used motor vehicle parts industry group also reported lower sales (-1.2% to $2.7 billion).

The miscellaneous subsector also contributed to lower wholesale sales, down 5.0% to $10.2 billion in March. Sales declined in four out of seven industry groups led by the agricultural supplies (-9.0% to $3.4 billion) and recyclable material (-20.0% to $1.1 billion) industry groups.

These declines were slightly offset by higher sales in the machinery, equipment and supplies subsector, up 1.6% to $17.9 billion in March, recording its third consecutive monthly increase. Growth in the subsector was reported in three of the four industry groups.

Quebec sales decline

A majority of the provinces reported a decrease in wholesale sales in March, with the largest coming in Quebec.

Wholesale sales in Quebec decreased 2.0% to $14.7 billion in March, following an increase in February. Decreases were reported in six out of the seven subsectors, led by the building material and supplies (-5.4% to $2.2 billion), and the motor vehicle and motor vehicle parts and accessories (-5.0% to $1.9 billion) subsectors.

The second largest provincial decrease was in British Columbia, down 2.5% to $7.7 billion in March, following an increase in February. Sales declines were reported in five out of the seven subsectors, led by the building material and supplies (-4.9% to $1.8 billion) as well as the food, beverage, and tobacco (-4.6% to $1.6 billion) subsectors.

Inventories rise in March

Wholesale inventories rose 0.7% to $127.5 billion in March, in the wake of two successive monthly declines.

Inventory increases were reported in five of the seven subsectors in March, led by the machinery, equipment and supplies subsector (+1.5% to $38.8 billion) as increases were recorded in three of its four industry groups. Increases were also reported in the personal and household goods subsector (+1.7% to $20.9 billion) which was up in four of its five industry groups.

Although inventories rose in the majority of subsectors, inventory declines in the miscellaneous (-2.4% to $14.9 billion) and the food, beverage and tobacco (-0.3% to $13.6 billion) subsectors tempered growth in March.

The inventory-to-sales ratio increased from 1.54 in February to 1.57 in March. This ratio is a measure of the time (in months) required to exhaust inventories if sales were to remain at their current levels.

Wholesale sales decline in the first quarter of 2024

In the first quarter, wholesale sales decreased by 0.4% to $245.8 billion, primarily driven by lower sales in March.

The largest sales decline in the quarter was in motor vehicle and motor vehicle parts and accessories (-4.2% to $41.6 billion), followed by the building material and supplies subsector (-2.6% to $35.5 billion).

Wholesale sales were 1.3% lower in the first quarter of 2024 when compared with the same quarter of 2023.

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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