Statistics Canada says wholesale sales dropped in July as lumber prices fell

Wholesale sales fall

Statistics Canada says wholesale sales fell 2.1 per cent to $70.1 billion in July, as building material and supplies sales plunged due to a drop in prices for softwood lumber.

The agency says it was the second consecutive overall decline and the largest drop since April 2020.

The move lower came as sales of building materials and supplies fell 12.4 per cent, due to lower prices for lumber, while sales of personal and household goods fell 1.6 per cent and food, beverage and tobacco sales edged down 0.8 per cent.

The largest gain came as the motor vehicle and motor vehicle parts and accessories subsector rose 1.8 per cent.

Excluding the building material and supplies subsector, wholesale sales rose 0.1 per cent.

Overall sales in constant dollar terms fell 2.4 per cent in July.

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