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The value of Canadian wholesale trade increased by 0.5 percent in August from the previous month due to strength in personal and consumer goods, along with motor vehicles and parts, according to Statistics Canada.

Wholesale transactions grew 0.5 percent on a seasonally adjusted basis in August to 57.06 billion Canadian dollars ($45.28 billion), Statistics Canada said.

Statscan also revised July's rise up to 1.7 percent from the previous report of 1.5 percent.

Sales increased in four of the seven subsectors, which represents 47 percent of overall wholesale trade. Volumes climbed 0.4 percent.

Sales of personal and household goods bounced 3.3 percent due to strong demand for textiles, clothing and footwear. The motor vehicles and parts subsector reported a 2.0 percent rise, which is the third gain in four months.

The building materials and supplies subsector pulled back for the first time in months, dropping 3.5 percent from July. Wholesale trade in food, drink and tobacco was down 0.6 percent.

Wholesale trade is the biggest component of Canada's services sector, which accounts for two-thirds of the nation's economic output. Wholesalers likely move merchandise in big quantities to institutional, industrial and retail clients.

Related news

The U.S. trade deficit slid to a seven-month low in April as exports climbed to a record high, bolstered by an increase in shipments of industrial materials and soybeans.

The Commerce Department said the trade gap fell 2.1 percent to $46.2 billion, the smallest deficit since September. Data for March was revised to show the trade deficit declining to $47.2 billion, instead of priorly reported $49 billion. Economists polled by Reuters had estimated the trade deficit unchanged at $49 billion in April.

Goods trade deficit with China increased 8.1 percent to $28.0 billion in April. The deficit with Mexico fell to 29.8 percent to $5.7 billion in April. The U.S. had a $0.8 billion goods trade deficit with Canada in April. Exports to China dropped 17.1 percent during the period.

In April, exports of goods and services rose 0.3 percent to a record $211.2 billion. Exports were propped up by a $1.3 billion increase in deliveries of industrial supplies and materials such as fuel oil and petroleum products.

Exports of industrial supplies and materials were the highest on record in April. Soybean exports increased $0.3 billion and corn shipments also rose by a similar amount. But exports of commercial aircraft tumbled $2.8 billion.

Imports of goods and services edged down 0.2 percent to $257.4 billion in April. Imports of consumer goods dropped $2.8 billion, weighed by a $2.2 billion decline in imports of cellphones and other household goods. Motor vehicle imports slid $1.0 billion.Crude oil imports rose $1.0 billion during the month. Imports from China were unchanged in April.

When adjusted for inflation, the trade gap fell to $77.5 billion from $78.2 billion in March. The real trade deficit stood below its $82.5 billion average in the first quarter.

If the trend in the real trade deficit is maintained, trade could add to gross domestic product in Q2 after having a neutral effect in the January-March period.

Solid data ranging from manufacturing to consumer spending and the labor market prompted the Federal Reserve Bank of Atlanta to project that economic growth in the second quarter will surpass a 4.0 percent annualized rate. The economy expanded at a 2.2 percent pace in the first quarter.

Wall Street index climbed on Wednesday, receiving a boost from financial stocks as investors focused on solid economic data and trade war concerns went to the background while the Nasdaq notched its third consecutive record closing high.

The Dow Jones Industrial Average edged up 346.41 points, or 1.4 percent, to 25,146.39. The S&P 500 rose 23.55 points, or 0.86 percent, to 2,772.35 and the Nasdaq Composite increased 51.38 points, or 0.67 percent, to 7,689.24.

Late in the trading day, White House economic adviser Larry Kudlow said that U.S. President Donald Trump will meet French President Emmanuel Macron and Canadian Prime Minister Justin Trudeau during a G7 summit this week.

While he said that Trump is not retreating from the tough stance he has taken on trade, the comments seemed to reassure investors.

Earlier reports citing people privy to the matter said that U.S. officials were considering an offer by China to import an additional $70 billion of American gods over a year as the Chinese government attempts to prevent a possible trade war.

Last week, Trump pushed on with imposing tariffs- 25 percent on steel and 10 percent on aluminum on Canada, the EU and Mexico, with Mexico responding by hitting back with tariffs on American products including steel, pork and bourbon.

The S&P financial sector, which advanced 1.8 percent, was the S&P's biggest gainer as bank stocks rose along Treasury yields. Higher interest rates tend to boost bank profits. The bank index edged up 2.3 percent as the sector was also helped by an increase in mortgage applications for the first time in seven weeks.

The 10-year Treasury note yield increased close to a two-week high after data indicated that the U.S. trade deficit unexpectedly declined to a seven-month low in April, supporting the outlook for an acceleration of domestic economic growth in the second quarter.

The euro held steady on Wednesday as investors began to focus on the European Central Bank's policy meeting next week, while worries that the U.S. could withdraw from its trade agreement with Canada and Mexico affected their currencies.

The common currency traded at $1.1719 having risen around 0.5 percent so far this week and remaining around two cents above its 10-month low of $1.1510 set on May 29.

Market players said the euro received support on Tuesday after a Bloomberg report cited sources stating that the ECB could end its next policy meeting this June with a public announcement on when its quantitative easing program would be completed.

Majority of traders have thought the central bank would prevent triggering a ripple at its next policy meeting on June 14 given the uncertainty brought by the Italian political condition.

The report came after a speech by Italy's new PM Giuseppe Conte, whose pledge of radical change had mixed effect on the euro. The euro rose to a two-week high of 128.91 in early Asian trade.

Meanwhile, the dollar traded at 109.85 yen, after climbing to 110.01 yen the prior day. It had extended a recovery from a five-week trough of 108.115 on May 29 on easing worries regarding political instability in Europe.

The sterling pound was steady at $1.3401 after rising 0.62 percent on Tuesday on solid UK service sector survey, also continuing its recover from a six-month low of $1.3205 hit on May 29.

The Canadian dollar and the Mexican peso came under renewed pressure after Trump administration economic adviser Larry Kudlow said that President Donald Trump is considering holding separate talks with Canada and Mexico.

The Canadian dollar had declined to a 2-½ month low of C$1.3068. The Mexican peso reached a 15-month low of 20.4705 peso to the dollar and last traded at 20.4075 peso against the dollar.