Wholesale Trade, February 2025
April 28, 2025
Wholesale sales (excluding petroleum, petroleum products, and other hydrocarbons and excluding oilseed and grain) rose 0.3% to $85.7 billion in February. Sales increased in two of the seven subsectors, representing 40.3% of total wholesale sales. The largest increase came from the machinery, equipment and supplies subsector (+7.1%). Wholesale sales were 3.3% higher in February 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) increased 0.2% in February.
Chart 1
Wholesale sales (excluding petroleum, petroleum products, and other hydrocarbons and oilseed and grain) increase in February
Machinery, equipment and supplies lead sales increases in February
Sales in the machinery, equipment and supplies subsector (+7.1% to $19.0 billion) drove the increase in wholesale trade in February. All four of the subsector’s industry groups registered increases. The computer and communications equipment and supplies industry group (+11.2% to $5.3 billion) was the largest contributor to the increase, followed by the construction, forestry, mining, and industrial machinery, equipment and supplies industry group (+6.8% to $6.2 billion).
The increase in wholesale sales in February was moderated by a decline in five of the seven subsectors. The motor vehicle and motor vehicle parts and accessories subsector (-3.1% to $14.3 billion) posted the largest decrease.
Ontario leads provincial sales increase
Despite six provinces reporting decreases in wholesale sales in February, an increase in Ontario (the province accounting for 52.1% of total wholesale sales) led to an overall increase at the national level.
Ontario posted an increase for the second consecutive month, up 1.5% to reach $44.6 billion in February. Gains were recorded in five of the seven subsectors, with the machinery, equipment and supplies subsector (+9.5% to $9.7 billion) posting the largest increase.
Alberta saw the second-largest increase in provincial wholesale sales, rising 1.2% to $9.4 billion in February. The increase was driven by the machinery, equipment and supplies subsector (+7.7% to $3.2 billion).
In contrast, British Columbia (-3.9% to $8.2 billion) saw a decline in wholesale sales in February. Overall, five of the seven subsectors recorded lower sales, led by the building material and supplies subsector (-9.8% to $2.1 billion).
Inventories rise in February
Wholesale inventories (excluding petroleum, petroleum products, and other hydrocarbons and excluding oilseed and grain) rose 2.2% to $130.6 billion in February.
For the first time since September 2022, inventories grew in all seven subsectors in February 2025, led by the machinery, equipment and supplies subsector (+4.2% to $40.0 billion). Increases were recorded across all four industry groups. These gains were followed by the building material and supplies subsector (+2.1% to $22.9 billion), in which inventory levels were largely pushed up by the electrical, plumbing, heating and air-conditioning equipment and supplies industry group (+9.1% to $7.7 billion).
The inventory-to-sales ratio increased from 1.50 in January to 1.53 in February. This ratio is a measure of the time (in months) required to exhaust inventories if sales were to remain at their current levels.
