Motor vehicle and motor vehicle parts and accessories subsector fell by a whopping 64.7 per cent in April, in a June 18, 2020 story. (Photo by THE CANADIAN PRESS)

Statistics Canada says wholesale sales posted record plunge in April

OTTAWA — Statistics Canada says wholesale sales fell by a record 21.6 per cent to $49.8 billion in April, led by a plunge in the motor vehicle and motor vehicle parts and accessories subsector due to the pandemic.

The federal agency says wholesale sales fell to their lowest level since July 2013 as all seven subsectors recorded lower sales for the first time since November 2008.

Economists on average had expected a drop of 12.6 per cent, according to financial markets data firm Refinitiv.

The motor vehicle and motor vehicle parts and accessories subsector fell by a whopping 64.7 per cent in April following a 21.7 per cent drop in March.

Excluding the subsector, wholesale sales were down 14.2 per cent.

Wholesale sales volumes dropped a record 21.5 per cent to their lowest level since September 2009.

This report by The Canadian Press was first published June 18, 2020.

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