The volume of manufacturing sales fell a seasonally adjusted 2.7 percent in the March quarter, dropping to its lowest point in almost 10 years, mainly due to a fall in meat and dairy sales.Despite the drop in volume, manufacturing values rose 0.9 percent
The volume of manufacturing sales fell a seasonally adjusted 2.7 percent in the March quarter, dropping to its lowest point in almost 10 years, mainly due to a fall in meat and dairy sales.
Despite the drop in volume, manufacturing values rose 0.9 percent or $171 million, due to increased prices, particularly for dairy products, Statistics New Zealand (SNZ) said today.
Meat and dairy manufacturing volumes fell a seasonally adjusted 10.1 percent in the quarter, while the value of sales in the sector rose 1 percent or $52m, with dairy product prices up 29.6 percent, and meat and meat product prices up 4.9 percent.
The latest rise in meat and dairy manufacturing sales value followed three quarters of falls totalling 22 percent, SNZ said.
The volume of manufacturing, excluding meat and dairy products which account for more than a quarter of manufacturing output, rose a seasonally adjusted 1.3 percent in the March quarter.
The other food manufacturing category recorded a 9 percent fall in volumes, while basic metal manufacturing was up 14.3 percent in the latest quarter, and petroleum and industrial chemical manufacturing was up 8.4 percent.
The value of sales for the other food category fell 8.4 percent or $194m in the latest quarter, while petroleum and industrial chemical manufacturing values rose 10.3 percent or $71m, and machinery and equipment manufacturing was up 3.2 percent or $52m.
