NZ manufacturing volumes rose 0.3 percent in second quarter, led by meat, dairy products
Sept. 10 (BusinessDesk) - New Zealand manufacturing sales volumes rose in the second quarter as increases in meat and dairy products, transport equipment and machinery made up for a drop in petroleum and coal products.
Total manufacturing rose 0.3 percent, seasonally adjusted, in the three months ended June 30, slowing from a 1.2 percent pace in the first quarter, according to Statistics New Zealand. Excluding meat and dairy, manufacturing sales rose 0.5 percent. Volumes rose 1.4 percent from the same period a year earlier.
By contrast the value of manufacturing sales fell 1.1 percent in the second quarter, following a 1.5 percent decline three months earlier, with meat and dairy down 3.1 percent and petroleum and coal products down 8.2 percent. The decline in the value of meat and dairy manufacturing is consistent with the results of the producers’ price index for the second quarter, the government statistician said.
The volume of finished goods stocks, which aren’t seasonally adjusted, rose 29 percent from the same quarter last year to the highest level since the series began in 1994.
The manufacturing data is one of the last components of gross domestic product for the second quarter, which is scheduled for release on Sept. 20.
UBS New Zealand economist Robin Clements said manufacturing sales volumes excluding meat and dairy products met his expectations and the economy was on track for GDP growth of 0.5 percent for the second quarter.