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July 16, 2021WHOLESALE TRADE, MAY 2021 With May reference month results, year-over-year (May 2021 vs May 2020) and year-to-date (Jan-May 2021 vs Jan-May 2020) show rebounds in economic activity from the unprecedented declines observed in the first wave of the COVID-19 pandemic.
MONTH-OVER-MONTH (seasonally adjusted, May 2021 vs Apr 2021)
In percentage terms, Nova Scotia wholesale trade decreased 2.1% to $1,164.5 million, and Canada wholesale trade increased 0.5% to $72.2 billion.
Four provinces reported monthly increases in wholesale trade, with Newfoundland and Labrador (11.5 %) reporting the largest gain, and New Brunswick (12.5 %) reporting the largest decline.
YEAR-OVER-YEAR (seasonally adjusted, May 2021 vs May 2020)
In percentage terms, Nova Scotia wholesale trade increased 41.8%, and Canada wholesale trade increased 38.2%.
YEAR-TO-DATE (seasonally adjusted, Jan-May 2021 vs Jan-May 2020)
Nova Scotia wholesale trade increased 37.2% to $5.6 billion, and Canada wholesale trade increased 20.6% to $354.2 billion.
All provinces reported year to date increases in wholesale trade, with Nova Scotia (37.2%) reporting the largest gain and Manitoba (11.1%) reporting the largest decline.
NOVA SCOTIA SECTORS (seasonally adjusted, Jan-May 2021 vs Jan-May 2020)
Nova Scotia total wholesale trade increased 37.2% ($1,526.3 million).
All categories were up, with the largest contributions to overall gain coming from food and beverage, building materials, and motor vehicles and parts.
TRENDS (January 2013 to May 2021)
Wholesale trade in May 2021 was substantially higher than the February 2020 pre-pandemic benchmark for all provinces except Ontario (2.8%) and Manitoba (6.3%).
While Ontario reached pre-pandemic levels by Oct-20, wholesale growth has slowed. Manitoba reached pre-pandemic levels in Jul-20 but experienced some setbacks that have kept wholesale growth low.
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INVENTORIES (Canada May 2021 vs Apr 2021)
National inventories increased 2.1% to $95.0 billion.
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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