Maybe things are alright – for now

Monday, 2 August 2004, 1:01 pm
Press Release: Canterbury Manufacturers Association

30 July 2004
Available for immediate release

The Canterbury Manufacturers’ Association Survey of Manufacturers completed during July 2004 shows overall sales in June 2004 were up around 3%, domestic sales increased by 15%, and export sales fell by 12%.

“Confidence improved, as did overall sales for the majority of our survey participants – manufacturers seem to be feeling good,” said John Walley, Chief Executive of the Canterbury Manufacturers’ Association. “The uncertain future is firming to the lower expectations in staff numbers, investments and sales.”

“The Indian summer that has been enjoyed by the New Zealand economy may be coming to an end exposing the deeper and wider challenges for the economy.”

“With the further tightening by the RBNZ we have seen a sustained bounce in the value of the New Zealand dollar against the Australia dollar and some companies are reporting a fall in Australian sales.”

“Over the past couple of months we have seen the New Zealand dollar appreciate strongly against the Australian dollar – and the future intentions of the RBNZ are a concern for every manufacturer that sells into the Australian market.”

“More manufacturers are reporting significant raw material cost increases, and more examples of increasing lead-times and material allocations are being reported.”

ENDS

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