I disagree with Billy C. I would install the chink siding first, and then attach the electrical box to the wall through the siding.
If you install the meter box first, imagine what the water that runs down the siding above the meter will do once it reaches the meter. Half will run out and over the front of the meter, and the other half will run back and behind the meter and reach the house wrap. Now that water on the house wrap will either find it's way into the wall assembly at worst, or best make the back of the chink siding wet underneath the meter.
The reason all electricians will tell you to install the meter first is because it's not practical to temporarily install 200 amp service to a house and wait to install the meter once the siding is installed. It's dangerous to temp that in with stakes in the ground, it's another trip for the electrician, it's in the way for final grading and anyone working in that area. Siding is literally the second to last thing you do outside when building a house, with laying a driveway as the last thing. Interior electrical work is already started after the shingles are put on. It simply makes the most practical sense to install it on the sheathing after the house wrap like Billy C said, but it's not the best way to prevent water intrusion which is what I think you're asking.
Either way you choose to do it, you'll be fine. Millions of homes have it installed both ways and don't have problems with it.