Wholesale trade, March 2025

Released: 2025-05-15

Wholesale sales (excluding petroleum, petroleum products, and other hydrocarbons and excluding oilseed and grain) rose 0.2% to $86.5 billion in March. Sales increased in three of the seven subsectors, representing 32.0% of total wholesale sales. The largest increase came from the motor vehicle and motor vehicle parts and accessories subsector (+4.5% to $15.1 billion), followed by the miscellaneous subsector (+4.1% to $11.0 billion). Wholesale sales were 5.7% higher in March compared with the same month one year earlier.

In volume terms, wholesale sales (excluding petroleum, petroleum products, and other hydrocarbons and excluding oilseed and grain) decreased 0.3% in March.

Chart 1 
Wholesale sales (excluding petroleum, petroleum products, and other hydrocarbons and oilseed and grain) increase in March

Motor vehicle and motor vehicle parts and accessories lead sales increases in March

Following a decline in February, sales in the motor vehicle and motor vehicle parts and accessories subsector increased 4.5% to $15.1 billion in March, its highest reported sales since April 2024. The increase was driven by sales in the motor vehicle industry group (+5.1% to $12.3 billion), reflecting a higher number of vehicles sold.

The miscellaneous subsector also contributed to higher wholesale sales, up 4.1% to $11.0 billion in March. Sales increased in six of its seven industry groups, led by the mineral, ore and precious metals, and the agriculture supplies industry groups.

The increase in wholesale sales in March was moderated by decreases in four of the seven subsectors. The building material and supplies subsector posted the largest decrease (-3.0% to $12.0 billion).

Saskatchewan leads provincial sales increase

In March, six provinces reported higher wholesale sales, led by Saskatchewan, and followed by Manitoba.

Saskatchewan recorded a third consecutive month of rising wholesale sales, up 10.2% to $4.0 billion in March. Gains were observed in five of the seven subsectors, with the machinery, equipment, and supplies subsector posting the largest increase (+17.9% to $1.5 billion).

Manitoba saw the second-largest increase in provincial wholesale sales, rising 5.4% to $2.1 billion in March. Sales increased in five of the seven subsectors, with the machinery, equipment and supplies subsector leading the gains (+14.3% to $498.3 million).

Ontario (-0.4% to $44.6 billion) posted a decline in wholesale sales in March, tempering the national increase. Despite the motor vehicle and motor vehicle parts and accessories subsector (+5.5% to $10.3 billion) posting an increase in the Ontario, the decrease in sales in five of the seven subsectors resulted in an overall decrease in provincial wholesale sales.

Inventories fall in March

Wholesale inventories (excluding petroleum, petroleum products, and other hydrocarbons and excluding oilseed and grain) were down 0.9% to $129.7 billion in March.

In March, five of the seven subsectors recorded inventory declines, led by the personal and household goods subsector (-1.9% to $20.8 billion). Declines were also reported in the building material and supplies (-1.4% to $22.6 billion) and the machinery, equipment and supplies (-0.8% to $39.9 billion) subsectors.

The inventory-to-sales ratio fell from 1.52 in February to 1.50 in March. This ratio is a measure of the time (in months) required to exhaust inventories if sales were to remain at their current levels.

Wholesale sales grew in the first quarter of 2025

In the first quarter, wholesale sales (excluding petroleum, petroleum products, and other hydrocarbons and excluding oilseed and grain) grew 2.5% to $258.3 billion, primarily driven by higher sales in January.

The machinery, equipment and supplies subsector (+4.1% to $56.3 billion) led sales increase in the first quarter, followed by the motor vehicle and motor vehicle parts and accessories subsector (+2.9% to $44.5 billion).

In the first quarter, wholesale sales were 4.3% higher compared with the same quarter one year earlier.

In volume terms, wholesale sales (excluding petroleum, petroleum products, and other hydrocarbons and excluding oilseed and grain) increased 1.6% in the first quarter.

Contact information

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