Each day TFO Canada publishes a sample of trade news on the Canadian import market along with any new, updated or changed regulations and legislations regarding international trade; countries in which TFO Canada offers services and on the export sectors which it promotes.
Canadian retailers are having their best start to the year since 2010Tuesday, August 02, 2016 > 14:31:35
A rebound in sales at gas stations and building-material stores in April has Canada’s retailers off to the best start since 2010.
Retail sales rose 0.9 per cent in April to $44.3 billion, recovering all the losses from a revised 0.8 per cent drop in March. Combined with strong gains in January and February, retail sales so far in the year are up 5.3 per cent, the most between January and April in six years.
The data suggest the nation’s consumers — helped by near record low interest rates and the wealth effects of rising home prices — continue to drive growth even amid worries about household debt, as other parts of the country’s economy sputter.
Rising gasoline prices in April increased sales at gas stations by 6 per cent during the month, the first increase in receipts for this group since June 2015. The boom in housing is also driving up sales for building material and garden equipment stores, which posted a 1.6 per cent gain from the previous month.
Auto sales, which have been leading total receipts over the past year, fell 0.3 per cent in April. They are still up 8.4 per cent from the same month a year earlier.
Economists surveyed by Bloomberg forecast retail sales would increase 0.8 per cent in April, from an initially reported 1 per cent drop in March.
Excluding autos, retail sales were up 1.3 per cent during the month, versus the median forecast of a 0.7 per cent gain. Excluding the impact of price increases, retail sales in volume terms were up 0.1 per cent.