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February 16, 2022WHOLESALE TRADE, DECEMBER AND ANNUAL 2021 With December reference month results, year-over-year (Dec 2021 vs. Dec 2020) and annual (2020 vs. 2021) show rebounds in economic activity from the unprecedented declines observed in the first wave of the COVID-19 pandemic.
MONTH-OVER-MONTH (seasonally adjusted, Dec 2021 vs. Nov 2021)
Nova Scotia wholesale trade increased 7.1% to $1,150.1 million. Canada wholesale trade increased 0.6% to $76.2 billion. All provinces reported monthly increases in wholesale trade except Alberta, with Nova Scotia reporting the largest gain.
YEAR-OVER-YEAR (seasonally adjusted, Dec 2021 vs. Dec 2020)
Nova Scotia wholesale trade increased 14.7% and Canada wholesale trade increased 13.5%. All provinces reported year-over-year increases in wholesale trade, with Saskatchewan reporting the largest gain and Newfoundland and Labrador reporting the smallest gain.
Annual (seasonally adjusted, 2021 vs. 2020)
Nova Scotia wholesale trade increased 24.3% to $13.3 billion, and Canada wholesale trade increased 14.5% to $863.3 billion. All provinces reported increases in wholesale trade in 2021, with Prince Edward Island reporting the largest gain and Manitoba reporting the smallest increase.
NOVA SCOTIA SECTORS (seasonally adjusted, 2021 vs. 2020)
Nova Scotia total wholesale trade increased 24.3% ($2,604.1 million). All categories were up, with the largest contributions to the overall gain coming from food and beverage, building materials and motor vehicles and parts.
TRENDS ( January 2013 to December 2021)
Nova Scotia's wholesale trade rebounded sharply from the pandemic decline, rising much more quickly than the national average in early 2021. From May 2021 to December 2021, Nova Scotia wholesale merchant sales fluctuated. In December 2021, Nova Scotia's wholesale trade index (2015=100) remained above the national trend.
INVENTORIES (Canada Dec 2021 vs. Nov 2021)
National inventories increased 2.9% to $107.2 billion in December 2021. Statistics Canada noted, “The motor vehicle and motor vehicle parts and accessories subsector contributed nearly one-third of the increase in inventories, up 8.7% to $12.8 billion in December. This was the highest reported inventory level since February 2020. The increase was largely driven by the motor vehicle industry as production gradually resumed, following the disruptions due to the ongoing semiconductor chip shortages and plant shutdowns.” Inventory levels rose every month except April in 2021.
Source: Statistics Canada. Table 20-10-0074-01 Wholesale trade, sales (x 1,000)
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