UPDATE 1-Canada Feb wholesale trade grows faster than expected

Tue Apr 22, 2014 8:33am EDT
Email This Article |
Share This Article
  • Facebook
  • LinkedIn
  • Twitter
| Print This Article | Single Page
[-] Text [+]

* Wholesale trade up 1.1 pct vs forecast of 0.7 pct

* Motor vehicles and parts biggest contributor

OTTAWA, April 22 (Reuters) - Canadian wholesalers fared better than expected in February as sales rose in all subsectors, led by motor vehicles and parts, and across eight provinces, according to Statistics Canada data released on Tuesday.

Wholesale trade rose 1.1 percent in the month, following a 0.5 percent gain in January and beating the market forecast of a 0.7 percent increase.

In volume terms, relevant for calculating gross domestic product, sales were up 0.8 percent.

Motor vehicle and parts wholesalers saw sales jump 3 percent from January after two months of declines, with motor vehicles accounting for most of the increase.

Excluding the auto industry, wholesale trade grew 0.8 percent.

Wholesale inventories rose 0.4 percent, with the largest contributor in dollar terms coming from the machinery, equipment and supplies subsector.

In the year to February, wholesale sales rose 3.5 percent.   Continued...