Wholesale stocks of cars, trucks, and parts in the June 2017 year rose at the fastest pace since 2008, according to Stats NZ.
The value of the stock of the motor vehicles and parts held at 30 June 2017 was $2.1 billion, up $328 million (19%) when compared with that at 30 June 2016.
The previous largest annual stock increase was in September 2008, up $337 million (24%) when compared with 30 September 2007.
“The latest annual increase for motor vehicle and parts coincides with the recent high record of car imports,” says wholesale trade manager Sue Chapman.
Overseas Merchandise Trade reported that imports of vehicles, parts, and accessories were up 21% ($396 million) in the June 2017 quarter when compared to 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 $173 million (9.2%) from 31 March 2017.
Wholesale trade sales rose 1.7% in the June quarter, recording its fifth consecutive quarterly increase.
“The June quarter’s growth in total wholesaling was driven by primary material wholesaling and machinery and equipment wholesaling,” says Chapman.
