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January 15, 2025WHOLESALE TRADE, NOVEMBER 2024 Monthly (seasonally adjusted, November 2024 vs October 2024)
Nova Scotia wholesale trade edged up 0.1% to $1.33 billion. National wholesale trade dropped 0.6% to $119.1 billion. Five provinces reported gains in November, with Newfoundland and Labrador reporting the largest gain. The largest decline was in Saskatchewan.
Year-over-year (seasonally adjusted, November 2024 vs November 2023)
Nova Scotia wholesale trade decreased 0.7% in November when compared with the same month last year, while Canada's wholesale trade declined 2.5%. Seven provinces reported lower year-over-year wholesale trade with New Brunswick reporting the fastest decline. Manitoba reported the largest year-over-year gain in wholesale trade.
Year-to-date (January-November 2024 vs January-November 2023)
Nova Scotia wholesale trade increased 7.9% in the first eleven months of 2024 compared to the same period of 2023. Canada's wholesale trade increased 3.6%. Eight provinces reported year-to-date increases in wholesale trade. Newfoundland and Labrador reported the largest gain, while Saskatchewan reported the largest decline.
TRENDS
In 2024, volatility in Nova Scotia's wholesale trade has smoothed out, with a declining trend in recent months. Canada reported a very large increase as the data series was changed to include petroleum products, but has tracked down in recent months.
After the break in the data series with the inclusion of petroleum products in March 2023, wholesale inventories trended down. In recent months, wholesale inventories as a share of sales have been volatile around a stable trend, with a value of 1.17 in November 2024.
Note: Starting with the March 2023 reference month, petroleum products data are available within Statistics Canada's data on wholesale trade. This distorts year-to-date comparisons as well as the national inventory to sales ratio. The effect causes data for oil-producing regions to increase more rapidly than in other provinces.
Due to suppression of data in food and beverage wholesalers for Nova Scotia (the largest category), year-to-date results by category will not be available.
Source: Statistics Canada. Table 20-10-0074-01 Wholesale trade, sales (x 1,000); Table 20-10-0076-01 Wholesale trade, inventories (x 1,000)
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