Canada's wholesale trade sees biggest drop in six years

The value of Canadian wholesale sales tumbled far more than expected in January, racking up the biggest decline in six years on a sharp drop in the motor vehicle and parts industry, Statistics Canada said on Wednesday.
Wholesale trade fell 3.1 percent to C$53.7 billion ($42 billion), exceeding economists' expectations of a decline of 0.8 percent and the largest decrease since January 2009. December was upwardly revised to 2.8 percent from the initially reported 2.5 percent.
In volume terms, sales declined 3.3 percent in January. Sales were lower in four of the seven subsectors, led by a 11.3 percent slump in motor vehicle and parts sales that took the sector to its lowest level since April of last year. Without this industry, overall wholesale sales were down 1.3 percent.