Canadian wholesale sales up 2.4% at $84.2B in January – Business News

Wholesale sales up

The Canadian Press – | Stories: 416413

Statistics Canada says wholesale sales rose 2.4 per cent to $84.2 billion in January, led by growth in both the machinery, equipment and supplies and food, beverage and tobacco subsectors.

The agency says sales increased in six of the seven subsectors, accounting for 84 per cent of wholesale sales.

Sales of machinery, equipment, and supplies rose 3.2 per cent to $17.7 billion in January, following a sharp decline in December, while food, beverage and tobacco product sales grew 3.6 per cent to $15.7 billion, marking an increase for the second consecutive month.

Motor vehicles and motor vehicle parts and accessories were the only subsector that saw a decline in January, down 2.4 per cent to $13.3 billion, due to a ramp up in sales in the final quarter of 2022 and companies gearing up production for more electrical vehicle sales .

Wholesale sales in constant dollar sales grew two per cent in January.

Last month, Statistics Canada reported wholesale sales fell 0.8 per cent to $82.2 billion in December.