Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search


NZ first quarter wholesale sales fell 0.4% from 4th qtr

NZ first quarter wholesale sales fell 0.4% from fourth quarter

By Tina Morrison

June 9 (BusinessDesk) - New Zealand's seasonally adjusted first-quarter wholesale trade sales slipped 0.4 percent from the previous quarter, led by a decline in machinery and equipment.

The decline follows a revised 2.3 percent gain in the fourth quarter, Statistics New Zealand said. Wholesale sales of machinery and equipment, which include consumer electronics, telecommunication equipment, professional and scientific equipment, and agricultural machinery, slid 4.8 percent in the first quarter, the agency said.

Wholesale trade is one of the final components of gross domestic product data, which is scheduled for release on June 19. New Zealand GDP expanded 0.9 percent in the fourth quarter, for an annual average 2.7 percent pace.

"We wouldn't read too much into this result - it's a volatile series, and follows two quarters of gains in excess of 2 percent," Westpac Banking Corp. senior economist Michael Gordon said in a note. "In terms of the GDP arithmetic, it removes some of the upside risk to our forecast of March quarter GDP growth, which was sitting at 1.1 percent prior to the whopper construction figures released last week."

Westpac will finalise its GDP, forecast after tomorrow's manufacturing survey, he said.

In the latest quarter, sales of wholesale basic materials, which include agricultural supplies and non-food products, minerals, timber and hardware supplies, showed the biggest increase, up 4.8 percent, Statistics New Zealand said.

The seasonally adjusted value of total wholesale stocks rose 1.7 percent to $9.2 billion in the three months ended March 31, the agency said.


© Scoop Media

Business Headlines | Sci-Tech Headlines


Welcome Home: Record High Migration Stokes 41-Year High Population Growth

New Zealand annual net migration hit a new high in October as more people arrived from than departed for Australia for the first time in more than 20 years. More>>


Citizens' Advice Bureau: Report Shows Desperate Housing Situation Throughout NZ

CAB's in-depth analysis of over 2000 client enquiries about emergency accommodation shows vulnerable families, pregnant women and children living in cars and garages, even after seeking assistance from the Ministry of Social Development and Housing New Zealand. More>>


Speaking For The Bees: Greens Call For Neonicotinoid Pesticide Ban

The National Government should ban the use of controversial pesticides called neonicotinoids after evidence has revealed that even at low doses they cause harm to bee populations, the Green Party said today. More>>


Science Awards: NZAS Celebrate NZ Scientific Achievements

The Marsden Medal is awarded for a lifetime of outstanding service to the cause or profession of science, in recognition of service rendered to the cause or profession of science in the widest connotation of the phrase. This year’s medal is awarded to Dr Mike Andrews. More>>


Court Rules: Affco 'Unlawfully' Locked Out Meat Workers

The note says the full court found for the plaintiffs, "that is that the defendant locked out the second plaintiffs unlawfully and that it breached s 32 of the Act by acting otherwise than in good faith towards the plaintiffs while collective bargaining was still going on." More>>


Get More From Scoop

Search Scoop  
Powered by Vodafone
NZ independent news