March 9, 2010

New Zealand meat manufacturing sales record-high

New Zealand manufacturing sales increased the most in more than seven years in the fourth quarter, led by higher production in the meat industry.

Sales volumes adjusted to remove inflation rose 3.1% from the previous three months, when they fell a revised 1.7%, Statistics New Zealand said. That was the biggest rise since the third quarter of 2002, when volumes jumped 4.1%.

Eleven of 15 industries recorded gains, adding to signs that New Zealand's economy gathered strength in the fourth quarter as it recovers from the worst recession in three decades. The Treasury Department last week said the outlook for manufacturing was positive and the currency's 3.7% decline against the US dollar so far this year is providing more confidence for exporters.

Meat and dairy sales advanced 4.6%, led by meat. That offset a fall in milk powder, butter and cheese volumes. More than half the meat and dairy production is exported, the statistics agency said.