New Zealand manufacturing activity picked up in March, according to the latest ANZ-Business NZ Performance of Manufacturing Index (PMI).
The New Zealand overall PMI value increased 3.7 points from February to stand at 58.9 for March 2004 (a PMI reading above 50 points indicates expansion and below 50 indicates decline). This was also 6.2 points higher than March 2003.
All of the five sub-indexes recorded expansion in February (production, employment, new orders, finished stocks and deliveries). The strongest rise was in new orders (64.3) while finished stock levels remained relatively settled (50.9).
Three of the four regions recorded expansion, with the Central and Canterbury/Westland regions again indicating the strongest level of expansion. A third consecutive small decline was recorded in Otago/Southland.
Seasonal factors, such as the start of the processing season in some parts of the food processing sector contributed to growth, particularly in the Central region. Strong building activity also supported growth in some sectors.
Export activity was mixed. Some firms reported a pick-up in new orders from Australia, while others continued to report a difficult environment, principally as a result of the strength of the New Zealand dollar.
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