Manufacturing Sales Declined Due To Covid-19 Lockdown | NZ Market Update

As per the Stats NZ report, manufacturing sales volumes decreased by a record 12 per cent in June 2020 quarter, the most prominent fall since the series started in 1994. It was due to the impact of lockdown when various businesses had shut down temporarily to curb the spread of the virus. In April 2020, when most of the non-essential businesses were closed, production in manufacturing businesses was also restricted. At the same time, demand also decreased for most of these products as only essential businesses were functioning.

As per the Stats NZ report, the wholesale trade in June 2020 quarter dropped by NZD 2.7 billion (10 per cent). It was impacted due to the temporary lockdown in April for the ongoing COVID-19 pandemic. It is the most significant decline in this segment ever since the series started 25 years ago. The decline is across various wholesale businesses that include car dealers and forestry timber suppliers.

A money transfer scam case has highlighted the issue that people's money is at risk from frauds which says they are from Financial Markets Authority (FMA). One such case has come to light. A lady who is stranded in NZ tried to transfer her money from China to NZ. The woman saw an advertisement for money transfer services, and when she used that service, her money was transferred to some bank in Inner Mongolia.

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