New Zealand manufacturing sales volume drop 0.3 pct in Q1 2017

Manufacturing sales in New Zealand dropped 0.3 percent in the first quarter of this year, as compared with the 1.8 percent drop recorded in the prior quarter. The volume of meat and dairy product manufacturing dropped in the first quarter, although sales value rose due to higher prices, stated Statistics New Zealand.

Seasonally adjusted, and removing price changes, meat and dairy product manufacturing volumes dropped 7.8 percent. The decline in meat and dairy sales volumes comes after a similar drop in the earlier quarter. On the contrary, sales values were up $77 million, mainly reflecting a rise in dairy product prices, noted business indicators manager Craig Liken. Overseas Trade Indexes reported export dairy volumes dropped 11 percent in the first quarter, while meat export volumes were up 3.2 percent.

Stripping meat and dairy, the manufacturing sales volume was up 1.7 percent after a drop in the prior quarter. Sales were up for seven of the 12 other manufacturing industries. The total manufacturing sales volume trend has been mainly rising since mid-2013 but now seems to be easing.