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Financial News: New Zealand Q2 Manufacturing Value Slides 0.7%

New Zealand Q2 Manufacturing Value Slides 0.7%

09/08/2019 - 19:17:00 (RTTNews)

(RTTNews) - The value of manufacturing activity in New Zealand fell a seasonally adjusted 0.7 percent on quarter in the second quarter of 2019, Statistics New Zealand said on Monday - following the downwardly revised 0.8 percent increase in the first quarter (originally 1.0 percent).

The main industry movements were: meat and dairy products, down NZ$247 million (2.8 percent); petroleum and coal products, down NZ$155 million (6.5 percent); transport equipment and machinery, down NZ$135 million (4.2 percent); and chemical, polymer, and rubber products, up NZ$135 million (5.7 percent).

Manufacturing activity volume sank 2.7 percent on quarter after rising a downwardly revised 1.3 percent in the three months prior (originally 2.0 percent).

The main industry movements were: meat and dairy products, down 8.2 percent; petroleum and coal products, down 9.0 percent; transport equipment and machinery, down 4.4 percent; and chemical, polymer, and rubber products, up 4.7 percent.

"This fall comes off the back of a robust March quarter, where meat and dairy product manufacturing had the highest percentage rise since the December 2013 quarter," business statistics manager Geraldine Duoba said.

The unadjusted volume of total manufacturing finished goods stocks fell 2.1 percent, compared with the June 2018 quarter.

The volume of finished goods stocks for the meat and dairy industry was 8.9 percent lower than in the June 2018 quarter.

Excluding meat and dairy manufacturing, the volume of finished goods stocks was 2.3 percent higher than in the June 2018 quarter.

With price effects included, the unadjusted value of manufacturing sales was NZ$28 billion in the June 2019 quarter, up NZ$364 million from the June 2018 quarter.

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