Decrease in Canadian Retail Sales Due to Ongoing Tariff Tensions
(MENAFN) Retail sales in Canada experienced a decline of 0.6 percent in January compared to the previous month, according to official figures released by Statistics Canada on Friday.
The decrease in sales is attributed to the ongoing impact of US President Donald Trump's tariff policies, which have been targeting Canada.
In total, January's sales reached 69.4 billion Canadian dollars (USD48.4 billion), falling short of the market's anticipated drop of 0.4 percent.
Sales dropped in three out of nine subsectors, with the largest decline occurring in the motor vehicle and parts dealers sector, which saw a 2.6 percent reduction.
On the other hand, the gasoline stations and fuel vendors subsector reported the most significant growth, rising by 3.2 percent, marking its fourth consecutive monthly increase.
Core retail sales, which exclude gasoline stations and car dealerships, decreased by 0.2 percent in January. In terms of volume, retail sales saw a 1.1 percent drop, the steepest decline in two years.
According to Statistics Canada, "Sales at food and beverage retailers were down mainly on lower sales at supermarkets and other grocery retailers (except convenience retailers), which fell 3.4 percent in January."
Additionally, the statistics agency provided an advance estimate indicating that retail sales in February are expected to fall by 0.4 percent on a monthly basis.
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