- Prior month -1.7%
- Wholesales trade MoM manage -0.1% versus -0.4% expected with declines in four of seven subsectors.
- Wholesale inventories rose 0.7%, the 4th consecutive monthly increased
- inventory to sales ratio increased from 1.52 months in February to 1.54 months in March
Other details of the report show:
- The decrease was mainly led by the miscellaneous subsector and the machinery, equipment, and supplies subsector.
- Despite the decrease, wholesale sales were 6.9% higher than in March 2022 when excluding oilseeds, grains, and petroleum.
- Sales in the miscellaneous subsector fell 6.1% to $11.4 billion in March.
- The machinery, equipment, and supplies subsector declined 2.0% to $18.0 billion in March.
- The decline was offset by a 19.1% increase in sales from the farm product subsector to $4.7 billion.
- Sales increased in most provinces, led by Quebec, followed by Ontario and British Columbia.
- In Q1 2023, wholesale sales (excluding oilseeds and grains, and petroleum) increased 0.5% to $249.4 billion, reflecting slower growth due to lower sales in February and March.
- The largest growth in quarterly sales came from the machinery, equipment, and supplies subsector (+3.7% to $54.3 billion) and the personal and household goods subsector (+4.1% to $35.7 billion).
- On an annual basis, quarterly sales grew 4.6% in Q1 2023 compared to the same period in 2022.
Trade down, inventories up, points toward lower demand perhaps.