Wholesale Sales Increase
Wholesale Trade Survey: March 2001 quarter
The seasonally adjusted value of wholesale sales increased by 0.5 per cent in the March 2001 quarter, latest figures from Statistics New Zealand show. The trend in wholesale sales has been increasing since the June 1998 quarter.
An increase of $264 million in seasonally adjusted sales of primary product food (which includes dairy products) provided the largest contribution to the overall quarterly increase in wholesale sales. Overseas Trade statistics report an increase of $122 million for seasonally adjusted provisional exports of milk powder, butter and cheese in the March 2001 quarter. Seasonally adjusted sales of petroleum and petroleum products decreased by $199 million in the March 2001 quarter. A fall in crude oil prices appears to have driven the decrease in the value of petroleum sales. The Producers Price Index reports a 24 per cent decrease in the price of imported crude oil in the March 2001 quarter.
Seasonally adjusted stock values rose by 2.5 per cent in the March 2001 quarter compared with the previous quarter. The largest contribution to the increase came from seasonally adjusted machinery and equipment stocks, which increased by $122 million. Seasonally adjusted petroleum stocks decreased by $199 million.
Ian Ewing DEPUTY GOVERNMENT STATISTICIAN END