Wholesale stocks of cars, trucks, and parts in the June 2017 year rose at the fastest pace since 2008, Stats NZ said.
The actual value of wholesale stocks of motor vehicle and parts held at 30 June 2017 was $2.1 billion, up $328 million (19 percent) when compared with that at 30 June 2016.
The previous largest annual stock increase was in September 2008, up $337 million (24 percent) when compared with 30 September 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 percent ($396 million) in the June 2017 quarter when compared with the same quarter in 2016.
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 $173 million (9.2 percent) from 31 March 2017.
Wholesale trade sales rise in June 2017 quarter
Wholesale trade sales rose 1.7 percent in the June 2017 quarter, recording its fifth consecutive quarterly rise.
“The June 2017 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.
Source: Stats NZ