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New Zealand retail sales volumes fall as fuel drag offsets gains elsewhere
Fuel retailing volumes plunged 13% in Q2, while retail sales values rose 0.9% to NZD 33 billion despite the drop in real volumes.
New Zealand retail sales volumes fell 0.5% quarter on quarter in Q2, reversing a revised 1.0% increase in Q1, and coming in below expectations for a 0.1% rise, according to Action Forex.
Excluding autos, retail volumes rose 0.7% in Q2, down from a revised 1.1% in Q1 but still above the 0.3% consensus, with weakness showing up across eight of 15 industries.
Fuel retailing was the largest drag, with volumes down 13%, while accommodation fell 8.0%, food and beverage services dropped 2.8%, and motor vehicle and parts retailing declined 2.3%.
Action Forex said the data also showed a divergence between prices and volumes, with seasonally adjusted retail sales values increasing 0.9% quarter on quarter to NZD 33 billion, and fuel retailing values up 12% as Stats NZ attributed the rise to higher fuel prices.