Canada's wholesale sales fall 1.7% in February, retreating from record high

By Ovunc Kutlu

ISTANBUL (AA) - Wholesale sales in Canada fell 1.7% in February to $85.6 billion, retreating from their record-high level in January, Statistics Canada said in a statement on Monday.

While the market expectation for the figure was to show a 1.6% decrease, wholesale sales, a leading indicator of consumer spending, jumped 6.1% in January.

"Sales fell in five of seven subsectors," Statistics Canada said in a statement. "The decrease of sales was mainly led by the motor vehicle and motor vehicle parts and accessories and the food, beverage and tobacco subsectors."

"Motor vehicle and motor vehicle parts and accessories fell 5.5% to $12.4 billion in February, the third consecutive monthly decline and the lowest level for this subsector since September 2022," it added.

On an annual basis, however, wholesale sales were up 7.4% from February 2022.