BNZ – BusinessNZ
Performance of
Manufacturing
Index

To and Fro

10 May, 2024
48.9
April
+2.1

Monthly Change

Contracting
Slower Rate

Activity in New Zealand’s manufacturing sector experienced a pick up during April, although still remained in contraction, according to the latest BNZ – BusinessNZ Performance of Manufacturing Index (PMI).

The seasonally adjusted PMI for April was 48.9 (a PMI reading above 50.0 indicates that manufacturing is generally expanding; below 50.0 that it is declining). This was up from 46.8 in March, although still lower than the 49.1 recorded in February. The sector has now been in contraction for 14 consecutive months.

BusinessNZ’s Director, Advocacy Catherine Beard said that despite ongoing contraction in the sector, there were a few positive aspects to the April result.

“The key sub-index result of Production (50.8) returned to expansion for the first time since January 2023, as well as Employment (50.8) and Finished Stocks (50.4) also both returning to slight expansion. In contrast, New Orders (45.3) remained firmly in contraction, although showing a slight improvement from March. Despite the small improvement in April, the proportion of negative comments again increased to 69%, compared with 65% in March and 62% in February. An overall lack of sales and orders was the dominant theme in comments, along with a struggling economy”.

BNZ’s Senior Economist Doug Steel said that “the PMI this year to date is consistent with manufacturing GDP trailing year earlier levels. However, the details were a bit more mixed in April, rather than uniformly weak as has been the case over recent months”.

Catherine Beard

Catherine Beard

Director, Advocacy BusinessNZ

BNZ - BusinessNZ PMI

Time Series Data

View seasonally adjusted and unadjusted time series data for the BNZ - BusinessNZ PMI

Manufacturing Snapshot

PMI yoyo

The Performance of Manufacturing Index (PMI) has been a yoyo this year, albeit continuously below the breakeven 50 line.

Read more

Better

Two better-looking aspects of April’s PMI were production and employment. The production index rose to 50.8 from March’s 46.0. It is notable that this is the first time the production index has pushed above 50 since the beginning of last year.

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Not

In contrast to improvement in production and employment, new orders remain exceptionally weak. April’s new orders index, at 45.3, remains well below breakeven and even further behind its long-term average of 54.3.

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Doug Steel

Doug Steel

Senior Economist, BNZ

Sponsor Statement

BNZ is delighted to be associated with the Performance of Manufacturing Index (PMI) and BusinessNZ.

This association brings together the significant experience of leading business advocacy body BusinessNZ, and business finance specialist BNZ.

We look forward to continuing our association with BusinessNZ and associated regional organisations, and to playing our part in the ongoing development of the New Zealand manufacturing sector.

PMI Time Series Table

The results are seasonally adjusted.

National Indicies Apr 2023 Dec 2023 Jan 2024 Feb 2024 Mar 2024 Apr 2024
BNZ – BusinessNZ PMI 48.4 43.7 47.5 49.1 46.8 48.9
Production 46.5 41.0 42.9 49.2 46.0 50.8
Employment 47.2 47.0 51.0 49.5 46.8 50.8
New Orders 48.5 44.3 47.8 47.5 44.6 45.3
Finished Stocks 52.2 46.2 47.6 48.9 49.5 50.4
Deliveries 50.6 44.0 49.6 51.0 47.6 48.4

BNZ – BusinessNZ PMI Time Series

January 2019 – April 2024

International Results

J.P. Morgan Global Manufacturing PMITM

02 Apr 2024
50.3

About the PMI

The BNZ – BusinessNZ Performance of Manufacturing Index is a monthly survey of the manufacturing sector providing an early indicator of activity levels.

A PMI reading above 50 points indicates manufacturing activity is expanding; below 50 indicates it is contracting.

The main PMI and sub-index results are seasonally adjusted.

Technical Contact

Stephen Summers
Economist, BusinessNZ

[email protected]

PMI Releases

One step back

Activity in New Zealand’s manufacturing sector experienced stronger contraction during March, according to the latest BNZ – BusinessNZ Performance of Manufacturing Index (PMI). The seasonally adjusted PMI for March was 47.1 (a PMI reading above 50.0 indicates that...

On the improve

Activity in New Zealand’s manufacturing sector continued to show improvement in February, but still remained in contraction, according to the latest BNZ – BusinessNZ Performance of Manufacturing Index (PMI). The seasonally adjusted PMI for February was 49.3 (a PMI...

Stuck in low gear

Activity in New Zealand’s manufacturing sector improved in January, but still remained in contraction, according to the latest BNZ – BusinessNZ Performance of Manufacturing Index (PMI). The seasonally adjusted PMI for January was 47.3 (a PMI reading above 50.0...

Tough year

Activity in New Zealand’s manufacturing sector ended in further contraction, according to the latest BNZ – BusinessNZ Performance of Manufacturing Index (PMI). The seasonally adjusted PMI for December was 43.1 (a PMI reading above 50.0 indicates that manufacturing is...

Little Christmas cheer

Activity in New Zealand’s manufacturing sector improved during November, but still remained in contraction, according to the latest BNZ – BusinessNZ Performance of Manufacturing Index (PMI). The seasonally adjusted PMI for November was 46.7 (a PMI reading above 50.0...

Our Contributors

The BNZ – BusinessNZ PMI contains data obtained through BusinessNZ’s regional organisations