Scoop has an Ethical Paywall
Work smarter with a Pro licence Learn More

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.


(BusinessDesk)

Advertisement - scroll to continue reading

Are you getting our free newsletter?

Subscribe to Scoop’s 'The Catch Up' our free weekly newsletter sent to your inbox every Monday with stories from across our network.

© Scoop Media

Advertisement - scroll to continue reading
 
 
 
Business Headlines | Sci-Tech Headlines

 
GenPro: General Practices Begin Issuing Clause 14 Notices

GenPro has been copied into a rising number of Clause 14 notices issued since the NZNO lodged its Primary Practice Pay Equity Claim against General Practice employers in December 2023.More

SPADA: Screen Industry Unites For Streaming Platform Regulation & Intellectual Property Protections

In an unprecedented international collaboration, representatives of screen producing organisations from around the world have released a joint statement.More

 
 
 
 
 
 
 
 
 
 
 
 

Join Our Free Newsletter

Subscribe to Scoop’s 'The Catch Up' our free weekly newsletter sent to your inbox every Monday with stories from across our network.