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New Zealand Q1 Manufacturing Volume Advances 2.0%

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Total manufacturing volume in New Zealand climbed a seasonally adjusted 2.0 percent on quarter in the first three months of 2019, Statistics New Zealand said on Tuesday.

That's down from the upwardly revised 2.4 percent increase in the three months prior (originally 2.0 percent).

The main industry movements were: meat and dairy products, up 11 percent; beverage and tobacco products, up 6.5 percent; chemical, polymer, and rubber products, down 3.7 percent; and petroleum and coal products, down 4.0 percent.

"The volume of meat and dairy products manufacturing sales had the highest percentage rise since the December 2013 quarter," manufacturing statistics manager Sue Chapman said.

By value, manufacturing activity advanced 1.0 percent on quarter after sinking 0.5 percent in the previous three months.

The main industry movements were: meat and dairy products, up NZ$523 million (6.3 percent); petroleum and coal products, down NZ$351 million (13 percent); and chemical, polymer, and rubber products, down NZ$141 million (5.6 percent).

"The fall in petroleum and coal products manufacturing reversed a similar rise in the December 2018 quarter," Chapman said. "This industry mainly reflects petroleum manufacturing, and quarterly production volumes often move up and down sharply."

The unadjusted volume of total manufacturing finished goods stocks rose 1.0 percent, compared with the March 2018 quarter.

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