WELLINGTON, Sept. 7 (Xinhua) -- New Zealand wholesale stocks of cars, trucks, and parts in the June 2017 year rose at the fastest pace since 2008, the country's statistics department Stats NZ said on Thursday.
The actual value of wholesale stocks of motor vehicle and parts held at June 30, 2017 was 2.1 billion NZ dollars (1.5 billion U.S. dollars), up 19 percent when compared with that at June 30, 2016, said a Stats NZ statement.
The previous largest annual stock increase was in September 2008, up 24 percent when compared with Sept. 30, 2007, Stats NZ said.
"The latest annual increase for motor vehicle and parts coincides with the recent high record of car imports," said wholesale trade manager Sue Chapman.
Overseas merchandise trade reported that imports of vehicles, parts, and accessories were up 21 percent in the June 2017 quarter when compared with the same quarter last year, Chapman said.
The biggest annual rundown in wholesale vehicle stocks came in 2009, after the global financial crisis, when they dropped more than 500 million NZ dollars (360 million U.S. dollars), Stats NZ said.
Wholesale trade sales rose 1.7 percent in the June quarter, recording its fifth consecutive quarterly rise, statistics showed. The actual value of wholesale trade sales was 24.9 billion NZ dollars (17.9 billion U.S. dollars) in the latest quarter, up 6 percent from the June 2016 quarter.
The June quarter's rise in total wholesaling was driven by basic material wholesaling and machinery and equipment wholesaling, Chapman said.