Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search

 


NZ manufacturing sales volumes rise 5.7%

NZ manufacturing sales volumes rise 5.7%, driven by dairy, meat production

March 10 (BusinessDesk) – New Zealand manufacturing sales volumes rose in the fourth quarter last year, driven by dairy and meat and adding to evidence of strong, export-led demand for the nation’s soft commodities.

Sales volumes climbed 5.7 percent, seasonally adjusted, the biggest gain since the first quarter of 1995 when petroleum and coal manufacturing was added to the series, according to Statistics New Zealand. Excluding dairy and meat, sales rose 0.9 percent.

Meat and dairy manufacturing volumes rose 15 percent in the fourth quarter, the biggest increase since March 2009. That comes after government figures last week showed New Zealand’s terms of trade rose to a 40-year high in the fourth quarter, edging closer to an all-time high reached in the June quarter of 1973. The nation recorded a record trade surplus for January, driven by sales of dairy products to China.

“This story was already flagged in the overseas trade figures,” said Michael Gordon, senior economist at Westpac Banking Corp. “Dairy production had recovered to pre-drought levels by the September quarter, but wasn't shipped overseas until the December quarter.”

He said the manufacturing figures were consistent with Westpac’s forecast for gross domestic product to have risen 0.9 percent in the fourth quarter.

The value of manufacturing sales rose 6.3 percent in the fourth quarter, or 1.1 percent once dairy and meat were stripped out. The value of dairy and meat sales rose 18 percent.

Among other contributors to the rise in volumes, transport equipment and machinery and equipment manufacturing rose 5.9 percent. Fruit, oil, cereal and other food manufacturing rose 5 percent.

These were also the biggest contributors to the gain in the value of sales after dairy and meat. Transport equipment and machinery and equipment manufacturing rose 4.5 percent by value and fruit, oil, cereal and other food manufacturing rose 5 percent.

(BusinessDesk)


© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Scoop Business: RBNZ Keeps OCR At 3.5%, Signals Slower Pace Of Future Hikes

Reserve Bank governor Graeme Wheeler kept the official cash rate at 3.5 percent and signalled he won’t be as aggressive with future rate hikes as previously thought as inflation remains tamer than expected. The kiwi dollar fell to a seven-month low. More>>

ALSO:

Weather: Dry Spells Take Hold In South Island

Many areas in the South Island are tracking towards record dry spells as relatively warm, dry weather that began in mid-August continues... for some South Island places, the current period of fine weather is quite rare. More>>

ALSO:

Scoop Business: Productivity Commission To Look At Housing Land Supply

The Productivity Commission is to expand on its housing affordability report with an investigation into improving land supply and development capacity, particularly in areas with strong population growth. More>>

ALSO:

Forestry: Man Charged After 2013 Death

Levin Police have arrested and charged a man with manslaughter in relation to the death of Lincoln Kidd who was killed during a tree felling operation on 19 December 2013. More>>

ALSO:

Smells Like Justice: Dairy Company Fined Over Odour

Dairy company fined over odour Dairy supply company Open Country Dairy Limited has been convicted and fined more than $35,000 for discharging objectionable odour from its Waharoa factory at the time of last year’s ”spring flush” when milk supply was high. More>>

Scoop Business: Dairy Product Prices Decline To Lowest Since July 2012

Dairy product prices dropped to the lowest level since July 2012 in the latest GlobalDairyTrade auction, led by a slump in rennet casein and butter milk powder. More>>

ALSO:

SOE Results: TVNZ Lifts Annual Profit 25% On Flat Ad Revenue, Quits Igloo

Television New Zealand, the state-owned broadcaster, lifted annual profit 25 percent, ahead of forecast and despite a dip in advertising revenue, while quitting its stake in the pay-TV Igloo joint venture with Sky Network Television. More>>

ALSO:

Get More From Scoop

 
 
Computer Power Plus

Standards New Zealand

Standards New Zealand
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news