Commercial registrations and activity
Strong month for commercials across the board
10 Dec 2021
Our take on the latest Commercial registrations and activity (Fri 10 Dec 2021)
New light commercials up 32%pa in November
New medium commercials up 34%pa
New very heavy commercials up 61%pa
The key numbers...
- There were 4,820 new commercial registrations in November, 34% more than a year ago. New commercial registrations over the last three months are now up 40%.
- All commercial vehicle types showed strong growth in November, with light commercials up 32%, medium commercials up 34%, and very heavy commercials growing a massive 61%pa.
- Total heavy (medium and very heavy) road user charges grew 3.5%pa in November, following three months of decline, largely driven by the Delta lockdown.
- Discounted diesel prices have eased slightly in early December to sit at 178c/l, down 2c/l from the November average.
Total new commercial registrations
Annual running total, source: NZTA
...and our reaction
- Commercial vehicle registrations have taken off again after sales had been limited, mainly in August, due to the nationwide Delta lockdown.
- Construction continues to be a strong driver in the performance of commercial vehicle registrations. With property market indicators still yet to show signs of a slowdown, we expect building will continue to support the transport sector well into next year.
- ANZ’s commodity price index has risen to high levels in recent months, mainly underpinned by strong dairy and meat prices. However, log prices have come off the boil slightly, related to financial woes in the Chinese construction sector, which is our largest forestry market by far.
- Fuel prices have risen to very high levels over the last year. The Omicron variant caused a fall in oil prices in late November as the market worried about further lockdowns, and although oil prices have recovered some of their losses, they are still down about 14% from their (daily) peak in October.
Latest updates
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Commercial registrations and activity
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