Record lumber exports push Canada’s wholesale sales past $60B
Total wholesale sales for March reached $60.2 billion for the first time; Statistics Canada says strength in building materials and supplies offset declines in motor vehicles and heavy machinery
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OTTAWA—Statistics Canada says wholesale sales were up 0.9 per cent in March, surpassing the $60 billion mark for the first time.
Total Canadian wholesale sales for that month reached $60.2 billion as strength in lumber exports offset declines in motor vehicles and heavy machinery.
The gains were led by the building material and supplies subsector, which set a record high $8.4 billion in March—up 3.9 per cent from February and up 10.6 per cent from March 2016.
In total, there were increases in four of the seven subsectors tracked by Statistics Canada accounting for 60 per cent of wholesale sales.
For the first quarter of this year, wholesale sales were up 3.6 per cent from the fourth quarter of last year—the highest quarterly change since the second quarter of 2008.