New Zealand’s manufacturing sector experienced a total increase of 0.5 per cent by sales volume in the most recent quarter, despite a downturn in meat and dairy.
The Economic Survey of Manufacturing from Statistics New Zealand shows the total volume of sales was up after a 3.5 per cent fall in the previous quarter.
News website voxy.co.nz notes that the main shifts in sales were in metal (up 6.6 per cent) and petroleum and coal product manufacturing (up 8.0 per cent).
“Although meat and dairy volumes fell, stock levels are very high for the end of a September quarter,” said labour statistician Blair Cardno.
“Outside meat and dairy, we saw a broad-based increase across the manufacturing sector in the quarter.”
Meat and dairy sales volumes were down 2.7 per cent.
The result follows a robust BNZ-Business New Zealand PMI result for October of 55.7, well above the 50 separating contraction from expansion.
Commenting on the October PMI, BNZ economist Craig Ebert noted that all the categories tracked were in expansion, though possible problems around capacity constraints were a concern.