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

 

Media: Julian Wilcox Leaves Māori TV

Māori Television has confirmed the resignation of Head of News and Production Julian Wilcox. Mr Maxwell acknowledged Mr Wilcox’s significant contribution to Māori Television since joining the organisation in 2004. More>>

ALSO:

Genetics: New Heat Tolerant Cow Developed

Hamilton, New Zealand-based Dairy Solutionz Ltd has led an expert genetics team to develop a new dairy cow breed conditioned to thrive in lower elevation tropical climates and achieve high milk production under heat stress. More>>

Fractals: Thousands More Business Cards Needed To Build Giant Sponge

New Zealand is taking part in a global event this weekend to build a Menger Sponge using 15 million business cards but local organisers say they are thousands of business cards short. More>>

Scoop Business: NZ Net Migration Rises To Annual Record In September

New Zealand’s annual net migration rose to a record in September, beating government forecasts, as the inflow was spurred by student arrivals from India and Kiwis returning home from Australia. More>>

ALSO:

Scoop Business: Fletcher To Close Its Christchurch Insulation Plant, Cut 29 Jobs

Fletcher Building, New Zealand’s largest listed company, will close its Christchurch insulation factory, as it consolidates its Tasman Insulations operations in a “highly competitive market”. More>>

ALSO:

Scoop Business: Novartis Adds Nine New Treatments Under Pharmac Deal

Novartis New Zealand, the local unit of the global pharmaceuticals firm, has added nine new treatments in a far-ranging agreement with government drug buying agency, Pharmac. More>>

ALSO:

Crown Accounts: English Wary On Tax Take, Could Threaten Surplus

Finance Minister Bill English is warning the tax take may come in below forecast in the current financial year, as figures released today confirm it was short by nearly $1 billion in the year to June 30 and English warned of the potential impact of slumping receipts from agricultural exports. More>>

ALSO:

Get More From Scoop

 
 
Standards New Zealand

Standards New Zealand

Mosh Social Media
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news