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Wholesale vehicle stocks up 19%

Posted on 06 September, 2017
Wholesale vehicle stocks up 19%

Wholesale stocks of cars, trucks, and parts in the June 2017 year rose at the fastest pace since 2008, Stats NZ said today.  The actual value of wholesale stocks of motor vehicle and parts held at June 30, 2017 was $2.1 billion, up 19 per cent to $328 million when compared with the previous year. The previous largest annual stock increase was in September 2008, up 24 per cent to $337 million when compared with September 30, 2007.  “The latest annual increase for motor vehicle and parts coincides with the recent high record of car imports,” wholesale trade manager Sue Chapman said.  Overseas Merchandise Trade reported that imports of vehicles, parts, and accessories was up 21 per cent to $396 million in the June 2017 quarter when compared with the same quarter last year.  The biggest annual rundown in wholesale vehicle stocks came in 2009, after the global financial crisis, when they dropped more than $500 million.  When adjusted for seasonal effects, the motor vehicle and parts wholesale stocks were up 9.2 per cent to $173 million from March 31, 2017.  Wholesale trade sales rose 1.7 per cent in the June quarter, recording its fifth consecutive quarterly rise.  "The June quarter's rise in total wholesaling was driven by basic material wholesaling and machinery and equipment wholesaling," Ms Chapman said.  The actual value of wholesale trade sales was $24.9 billion in the latest quarter, up $1.4 billion (6.0 percent) from the June 2016 quarter.