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August 15, 2024WHOLESALE TRADE, JUNE 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.
Monthly (seasonally adjusted, June 2024 vs May 2024)
Nova Scotia wholesale trade decreased 1.1% to $1.35 billion. National wholesale trade fell 1.8% to $118.77 billion.. All provinces reported declines with Prince Edward Island leading with the largest decline, while Quebec reproted the smallest decline.
Year-over-year (seasonally adjusted, June 2024 vs June 2023)
Nova Scotia wholesale trade increased 13.7%. Canada's wholesale trade increased 0.4%. Five provinces reported year over year gains in wholesale trade, led by Newfoundland and Labrador. Five provinces reported year over year declines in wholesale trade with Saskatchewan reporting the steepest.
decline
Year-to-date (January-June 2024 vs January-June 2023)
Nova Scotia wholesale trade increased 11.5% in the first six months of 2024 compared to the same period of 2023. Canada's wholesale trade increased 11.7%. Seven provinces reported year over year increases in wholesale trade. Alberta reported the largest gains. Saskatchewan, Prince Edward Island and Ontario reported year-to-date declines.
The largest dollar contributions to Nova Scotia's wholesale trade came from food and beverage wholesalers.
There were declines in miscellaneous wholesale trade and motor vehicle and parts.
TRENDS
Over the past year, there has been high volatility in Nova Scotia's wholesale trade with large declines and recoveries. Canada reported a very large increase as the data series was changed to include petroleum products.
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.
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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