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12/9/2018 — General
Mixed results in June quarter

Statistics New Zealand (SNZ) said this week that manufacturing activity in New Zealand slid a seasonally adjusted 1.2% on quarter in the June quarter of 2018.

However, the value of total manufacturing sales jumped 1.8% for the quarter, while the volume of manufacturing sales fell 1.2% - marking the largest drop in five years.

SNZ said the main movements by industry were: petroleum and coal products, down 8%; chemical, polymer, and rubber products, down 7.9%; and meat and dairy products, up 1.6%.

The value of manufacturing sales was up 1.8% in the June quarter, following a 0.7% rise in the previous quarter.

The main movements by industry were: meat and dairy products, up $NZ359 million (4.5%); chemical, polymer, and rubber products, down $NZ146 M (5.8%); and beverage and tobacco products, down $NZ109 M (7.1%).

SNZ said the volume of both petroleum and chemical product manufacturing sales dropped in the June 2018 quarter.

“The fall in petroleum product manufacturing was a consequence of the maintenance shutdown at the Marsden Point refinery,” manufacturing statistics manager Sue Chapman said.

Refining New Zealand Ltd (NZX: NZR) reported the first total refinery shutdown in 14 years. The refinery is now back up and running, with the effect of this likely to be seen in manufacturing statistics in the September quarter.

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