Wholesale Trade Sales Touches Record levels in March quarter

Wholesale Trade Sales Touches Record levels in March quarterThe robust sales registered by motor vehicles and building supplies are reported to have helped boost wholesale trade figures for the second consecutive quarter.

Total wholesale trade sales, after adjusting for seasonal effects, registered a climb 2.3% or $472 million in the March quarter, Statistics New Zealand (SNZ) reveals.

The rise in sales was witnessed to be widespread with 13 of the 16 industries covered announcing their sales to cross record levels.

Vehicle wholesaling witnessed the biggest individual jump, soaring 6% or $86m for the second consecutive quarter in the three months to March.

Food and grocery products that forms the largest single industry accounting for about 20% of all wholesale trade sales - marked a gain 1.7% or $73m,

While, wholesaling of some machinery and equipment figures manage to climb 9.2% or $69m, compared to a 9.3% plunge in the December quarter.

Building supplies wholesaling grew by 3.3% or $57m after a rise of 6.6% in the December quarter, SNZ uncovered today.

Moreover, the value of net wholesale trade stocks jumped 1.9% or $191m, compared to a 0.5% lift in the December quarter.

The largest stock witnessed to lie in the category including some machinery and equipment wholesaling, showed an increase 14.4 percent or $97m, the first stock rise since the September 2008 quarter.