Cyprus wholesale value up 10.4% in 2007

Auto has a bumper year

Wholesale and commission trade rose by 10.4% in value in 2007, according to the turnover index of wholesale trade and commission trade.

The fastest rising category was “agricultural raw materials and live animals”, the value of which rose by 45%. This may be related to the outbreak of foot and mouth, which would have put a premium on the smaller number of healthy animals.

Wholesale machinery and equipment supplies also had a good year, rising by 19.4%. The manufacturing sector, led by pharmaceuticals, had quite a good year in 2007, which may explain the good wholesale increase.

It was not such a good year for wholesale sales of household goods, however. Despite strong demand on the retail side wholesale sales rose in value by only 1.6%, ie less than inflation.

This could reflect fierce price competition in the area of household goods and price-sensitive customers.

Meanwhile, sales of motor vehicles rose by 22.5% in value terms in 2007, compared with a fall of 2.4% in 2006, according to the turnover index that encompasses the sale and repair of motor vehicles and retail sales of automotive fuel.

According to the index, total sales of the abovementioned items rose in value by 14.6% in 2007 compared with 1.7% in 2006.

Last year’s boom in car sales also triggered bigger sales of spare parts. These rose by 15.1% in 2007 compared with 8.7% in 2006.

Fiona Mullen