Saskatchewan Wholesale Trade Grows 89.8%
Saskatchewan’s wholesale trade numbers for May 2023 are up 89.8 per cent compared to the same time last year, marking 32 straight months of growth, according to most recent figures from Statistics Canada.
The total value of Saskatchewan’s wholesale trade was $7.0 billion in May 2023.
“This record growth in wholesale trade is proof that Saskatchewan’s economic momentum continues,” Trade and Export Development Minister Jeremy Harrison said. “These numbers again demonstrate that Saskatchewan is a sustainable, reliable provider of food, fuel and fertilizer to customers across the country, and around the globe.”
In May 2023, the value of wholesale trade in Saskatchewan increased by 47.9 per cent from April 2023, (seasonally adjusted), second in terms of percentage change among the provinces.
Saskatchewan has seen growth across several key indicators in recent months. The provincial population grew by 6,821 to 1,221,439 in the first quarter of 2023, and is the largest population increase in more than a century. This is paired with new labour force numbers that show record levels of employment in the province, with 604,700 people working today, and an increase of 3,300 jobs over the last year.
Saskatchewan also led Canada in GDP growth last year at 5.7 per cent. Conference Board of Canada has projected strong provincial GDP growth of 2.5 per cent in 2023, and 1.9 per cent in 2024, which would be among the highest in Canada.
Wholesale trade measures the value of goods purchased in large quantities with the intention of being sold to resellers, but not to final consumers. For example, this can include farming products like wheat or lentils. Wholesale trade indicates businesses’ spending confidence, consumption patterns, and signals the current and expected future state of goods-producing industries.
Beginning this month, Statistics Canada now includes petroleum and hydrocarbon products in wholesale trade numbers.
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