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Financial News: New Zealand Manufacturing Sector Surges In March -

New Zealand Manufacturing Sector Surges In March - BusinessNZ

04/15/2021 - 18:41:00 (RTTNews)

(RTTNews) - The manufacturing sector in New Zealand continued to expand in March, and at a much faster pace, the latest survey from BusinessNZ revealed on Friday with a record-high Performance of Manufacturing Index score of 63.6.

That's up from the upwardly revised 54.2 in February (originally 53.4) and it moves further above the boom-or-bust line of 50 that separates expansion from contraction.

Among the main indices, production (66.8), employment (53.3), new orders (72.5), finished stocks (55.4) and deliveries (62.8) all saw solid expansion.

"More demand is one thing, but meeting it is another. Firms have faced many supply-side challenges. In this regard, it is interesting to see PMI deliveries of raw materials lifted strongly to 62.8, this month. That coincides with other data showing imports leapt more than 17 percent above year earlier levels in March following prior weakness," said BNZ Senior Economist Doug Steel.

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