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Financial News: New Zealand Manufacturing Volume Declines 12%

New Zealand Manufacturing Volume Declines 12%

09/08/2020 - 19:45:00 (RTTNews)

(RTTNews) - The volume of total manufacturing sales in New Zealand tumbled 12 percent on year in the second quarter of 2020, Statistics New Zealand said on Wednesday.

The value of manufacturing sales dropped an annual 9.5 percent.

The main industry movements were: petroleum and coal products, down 33 percent; metal products, down 22 percent; and transport equipment, machinery, and equipment, down 14 percent.

The volume of total manufacturing finished goods stocks fell 2.1 percent.

The main industry movements were: petroleum and coal products, down NZ$1,161 million (52 percent); metal products, down NZ$611 million (21 percent); and meat and dairy products, up NZ$837 million (9.5 percent).

The volume of finished goods stocks for total manufacturing was 2.1 percent lower in the June 2020 quarter compared with the June 2019 quarter.

The volume of finished goods stocks for the meat and dairy industry was 0.4 percent lower than in the June 2019 quarter.

Excluding meat and dairy manufacturing, the volume of finished goods stocks was 3.1 percent lower than in the June 2019 quarter.

The total wholesale trade sales value declined 10 percent on year toNZ$2.7 billion, while the total value of wholesales trade stocks was down 1.6 percent on year or NZ$206 million to NZ$13 billion.

Five of the six wholesale industries had lower sales in the June 2020 quarter compared with the June 2019 quarter. The main industry movements were: basic material - down 16 percent (NZ$948 million); motor vehicles and motor-vehicle parts - down 33 percent (NZ$917 million); machinery and equipment - down 13 percent (NZ$704 million); other goods - down 8.9 percent (NZ$359 million); and commission-based - down 20 percent (NZ$74 million).

The grocery, liquor, and tobacco product wholesaling industry had the only increase, up 3.7 percent (NZ$329 million).

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