New Zealand’s manufacturing sector experienced a lift in expansion for April, according to the latest BNZ – BusinessNZ Performance of Manufacturing Index (PMI).
The seasonally adjusted PMI for April was 56.5 (a PMI reading above 50.0 indicates that manufacturing is generally expanding; below 50.0 that it is declining). This was 1.8 points higher than March, and the highest level of expansion since January. The sector has been in expansion in almost all months since October 2012.
BusinessNZ’s executive director for manufacturing Catherine Beard said that the lift in expansion for April was assisted by stronger expansion in production and new orders, while deliveries also recovered after a dip in March.
“The proportion of positive comments also remained above 60%, while comments centered on general market growth and increased orders, particularly from offshore. Overall, the April result represents another solid month for the sector.”
BNZ Senior Economist, Doug Steel, said “the bounce in April, to 56.5, not only arrests that previous mild momentum loss but affirms the underlying above-average growth pulse that the manufacturing sector has displayed for many months now.”