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Financial News: New Zealand Manufacturing Volume Climbs 1.0% In Q2

New Zealand Manufacturing Volume Climbs 1.0% In Q2

09/07/2017 - 19:46:00 (RTTNews)

(RTTNews) - Manufacturing volume in New Zealand advanced a seasonally adjusted 1.0 percent on quarter in the second quarter of 2017, Statistics New Zealand said on Friday.

That follows the upwardly revised 0.2 percent decline in the first quarter (originally -0.3 percent).

The actual volume of total manufacturing sales was up 0.4 percent in Q2. The value of manufacturing sales was NZ$26.6 billion in the quarter, up NZ$2.3 billion from a year earlier.

The volume of meat and dairy product manufacturing rose 8.2 percent in the quarter, coinciding with high prices.

"The rise in the meat and dairy sales volume followed falls in the previous two quarters," manufacturing manager Sue Chapman said.

The dairy export volume surged 19 percent, while the meat export volume rose 2.5 percent in the quarter.

Sales values were also up 13 percent, reflecting increases in both meat and dairy product prices. Prices for meat and meat product manufacturing outputs rose 6.9 percent.

Manufacturing activity jumped 3.9 percent, accelerating from 2.8 percent in the three months prior.

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