Statistics Canada reported on Thursday the wholesale sales tumbled 21.6 percent m-o-m to CAD49.82 million in April (the lowest level since July 2013), following a revised 2.7 percent m-o-m decline in March (originally a 2.2 percent m-o-m decrease). That was the biggest decrease in wholesale sales on record.

Economists had forecast a 12.6 percent m-o-m drop for April.

According to the report, all seven subsectors recorded lower sales for the first time since November 2008. The motor vehicle and motor vehicle parts and accessories subsector (-64.7 percent m-o-m) contributed the most to the April plunge. Excluding this subsector, wholesale sales fell 14.2 percent m-o-m.

In y-o-y terms, wholesale sales decreased 23.4 percent in April.

Meanwhile, wholesale inventories rose 1.2 percent m-o-m in April. Inventories increased in five of seven subsectors, accounting for more than half of total wholesale inventories. The inventory-to-sales ratio climbed from 1.45 in March to 1.87 in April, the highest value on record. In y-o-y terms, wholesale inventories rose 2.6 percent in April.