Exporting underpins steady manufacturing growth

Media statement Thursday, July 13, 2006
Embargoed to Friday, July 14th

Exporting underpins steady manufacturing growth

The growth of manufacturing activity in June in the top half of the North Island consolidated due to increasing export sales, the Employers & Manufacturers Association (Northern) reports.

Bruce Goldsworthy, Manager of EMA’s Manufacturing Services, said comments from the Business New Zealand Performance of Manufacturing Index (PMI) for June focused on the benefits of the lower New Zealand dollar.

“Many manufacturers indicated the currency is now valued more realistically,” he said.

“Exports, especially to Australia, are now more than offsetting the slowing of the domestic market.

“Forward orders remain solid at 54.6 on the index for the Northern region, which signals that manufacturers can plan with more certainty than has been possible for many months.”

The seasonally adjusted PMI overall for June was 52.1; for Auckland/Waikato/BoP/Northland it was 53.2.

ENDS

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