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Financial News: New Zealand Q1 Manufacturing Sales Volume Falls 1.7%

New Zealand Q1 Manufacturing Sales Volume Falls 1.7%

06/09/2020 - 19:20:00 (RTTNews)

(RTTNews) - The volume of total manufacturing sales in New Zealand dropped a seasonally adjusted 1.7 percent on quarter in the first three months of 2020, Statistics New Zealand said on Wednesday.

That follows the 2.8 percent increase in the three months prior.

The value of total manufacturing sales remained relatively unchanged, while the unadjusted volume of total manufacturing finished goods stocks rose 1.5 percent, compared with the March 2019 quarter.

Petroleum and coal products had the largest industry decrease in the March 2020 quarter, down 3.3 percent.

"There was less demand for fuel at the end of the quarter, when travel restrictions and the lockdown to combat COVID-19 reduced the movements of New Zealanders," business statistics manager Kathy Hicks said.

Metal products, down 2.9 percent and transport equipment, machinery and equipment, down 2.5 percent.

The value of manufacturing sales remained relatively flat (down NZ$2 million) in the March 2020 quarter, following a 2.2 percent ($646 million) rise in the December 2019 quarter.

The main industry movements were: petroleum and coal products, down NZ$303 million (12 percent); beverage and tobacco products, up NZ$93 million (6.1 percent); and metal products, down NZ$86 million (3.0 percent).

Volume of finished goods stocks The volume of finished goods stocks (not seasonally adjusted) for total manufacturing was 1.5 percent higher in the March 2020 quarter compared with the March 2019 quarter.

The volume of finished goods stocks for the meat and dairy industry was 3.7 percent higher than in the March 2019 quarter.

Excluding meat and dairy manufacturing, the volume of finished goods stocks was 0.5 percent lower than in the March 2019 quarter.

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