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November 15, 2024WHOLESALE TRADE, SEPTEMBER 2024 Monthly (seasonally adjusted, September 2024 vs August 2024)
Nova Scotia wholesale trade decreased 1.8% to $1.31 billion. National wholesale trade declined 2.7% to $115.4 billion. Six provinces reported declines led by Alberta and Manitoba reported the largest declines. Newfoundland and Labrador reported the largest gain.
Year-over-year (seasonally adjusted, September 2024 vs September 2023)
Nova Scotia wholesale trade increased 0.8%. Canada's wholesale trade declined 5.6%. Seven provinces reported lower year-over-year wholesale trade with Saskatchewan reporting the steepest decline. Newfoundland and Labrador reported the fastest year-over-year rise in wholesale trade.
Year-to-date (January-September 2024 vs January-September 2023)
Nova Scotia wholesale trade increased 9.4% in the first nine months of 2024 compared to the same period of 2023. Canada's wholesale trade increased 5.2%. Seven provinces reported year-to-date increases in wholesale trade. Newfoundland and Labrador reported the largest gain. Saskatchewan reported the largest decline.
TRENDS
In 2024, volatility in Nova Scotia's wholesale trade has smoothed out to a declining trend. Canada reported a very large increase as the data series was changed to include petroleum products, but has tracked down in recent months.
After the break in the data series with the inclusion of petroleum products in March 2023, wholesale inventories trended down. In recent months, wholesale inventories as a share of sales have been volatile around a stable trend, with a value of 1.21 in September 2024.
Note: Starting with the March 2023 reference month, petroleum products data are available within Statistics Canada's data on wholesale trade. This distorts year-to-date comparisons as well as the national inventory to sales ratio. The effect causes data for oil-producing regions to increase more rapidly than in other provinces.
Due to suppression of data in food and beverage wholesalers for Nova Scotia (the largest category), year-to-date results by category will not be available.
Source: Statistics Canada. Table 20-10-0074-01 Wholesale trade, sales (x 1,000); Table 20-10-0076-01 Wholesale trade, inventories (x 1,000)
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