Today’s release of the Economic Survey of Manufacturing by Statistics New Zealand showed solid growth in the manufacturing sector, with all manufacturing sales values increasing 4.2% on the previous quarter, and sales of manufacturing excluding meat and dairy growing by 3.0% in the same period, say the New Zealand Manufacturers and Exporters Association (NZMEA).
NZMEA Chief Executive Dieter Adam says, “It’s great to see the manufacturing sector take charge and see promising results. It is particularly encouraging to see growth in higher value and complex sub-sectors of manufacturing, which help drive innovation and capability: Transport equipment; machinery and equipment manufacturing saw sales values improve 3.5% on last quarter and 4.9% on same quarter last year, furniture and other manufacturing had sales increases of 8.1% on the previous quarter and 7.5% on same quarter last year, and chemical, polymer and rubber product manufacturing sales improved 3.4% on last quarter and 3.5% on same quarter last year.”
“Our own NZMEA Survey of Business Conditions has had more mixed results recently, however the results in today’s Statistics New Zealand release are in line with more anecdotal evidence and comments we have been receiving from members. Many are doing better than they have in some time, for a variety of reasons depending on their niche and markets.
“The fall in the exchange rate has really helped many manufacturers regain ground in their margins – this is vital for putting our manufacturers in a position to invest in innovation, capital equipment and our people. Manufacturers have to be able to invest in their future to stay globally competitive.
“Manufacturing in New Zealand has the potential to keep growing; adding value and exports to our economy.
Recent challenges in dairy have highlighted the need for growth in our other diverse productive sectors. Manufacturing can be helped along with the right focus on and support for R&D, innovation and improving the skills of our people.” said Dieter.