Statistics Canada reports February wholesale trade figures up 0.3%

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OTTAWA — Wholesale trade, excluding petroleum, petroleum products, and other hydrocarbons and excluding oilseed and grain, rose 0.3 per cent to $85.7 billion in February, Statistics Canada said Monday. 

The overall increase in sales came as just two of the seven subsectors posted gains. 

Statistics Canada said sales in the machinery, equipment and supplies subsector gained 7.1 per cent for the month to $19 billion. 

All four of the subsector’s industry groups climbed, with the computer and communications equipment and supplies industry group up 11.2 per cent, while the construction, forestry, mining, and industrial machinery, equipment and supplies industry group added 6.8 per cent. 

The other subsector climbing higher was food, beverage and tobacco, which gained 0.5 per cent to $15.5 billion. 

The report comes ahead of the March inflation figures expected on Tuesday and the Bank of Canada’s next interest rate decision and monetary policy report on Wednesday. 

The decision by the central bank comes in the middle of the federal election and a fluid situation with U.S. tariffs that threaten to sink the global economy into a recession. 

The Bank of Canada cut its key interest rate to 2.75 per cent last month, but the summary of deliberations for the decision suggested the bank’s governing council likely would have paused its interest rate easing cycle if not for the substantial uncertainty around tariffs from the United States. 

Statistics Canada’s report on Monday said motor vehicle and motor vehicle parts and accessories posted the largest decrease of the wholesale trade subsectors that fell in February. The category fell 3.1 per cent to $14.3 billion. 

The building material and supplies subsector dropped 1.1 per cent to $12.3 billion, while personal and household goods also fell 1.1 per cent to $12.5 billion. 

In volume terms, wholesale sales, excluding petroleum, petroleum products, and other hydrocarbons and excluding oilseed and grain, increased 0.2 per cent in February. 

Statistics Canada has started including oilseed and grain as well as the petroleum and petroleum products subsector as part of wholesale trade, but is excluding the data from its monthly analysis until there is enough historical data.