Friday, April 11, 2008

Manufacturing takes a tumble in New Zealand

Overall activity in the New Zealand manufacturing sector has fallen for the first time since January 2006, the Bank of New Zealand-Business NZ Performance of Manufacturing Index (PMI) shows.

The seasonally adjusted PMI for March was 48.3, or 3.5 points lower than in February. The average PMI since the survey began in 2002 is 54.4. (A PMI of 50 indicates the sector is expanding.)

The result reflected a "lacklustre" first quarter for New Zealand's manufacturing sector, Business NZ chief executive Phil O'Reilly said today. He urged manufacturers to "start engaging in potential markets in China to take advantage of the significant opportunities that are available now and that will become available as tariffs reduce further in the near future".

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