Canadian wholesale trade rose by 5.7 per cent in May from April, the biggest jump for almost 17 years, as restrictions imposed to fight the coronavirus outbreak were relaxed, Statistics Canada said on Friday.
Analysts in a Reuters survey had predicted an 8.5 per cent jump from April. Statscan revised April’s record plunge to 21.4 per cent from an initial 21.6 per cent drop.
Sales were up in six out of seven subsectors, representing 78 per cent of wholesale trade, while sales grew in seven of the ten provinces. Sales rose by 5.2 per cent in volume terms.
Around 60 per cent of the overall gain in May was due to sales of motor vehicles, parts and accessories, which soared by 33.4 per cent gain but remained 62.6 per cent lower than in May, 2019.
The monthly overall increase in wholesale trade was the greatest since the 6.9 per cent advance recorded in September, 2003.
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