David Thompson Posted:
So very, very true. It beggars belief that we consider ourselves to be a developed nation when so much of our economy is based on selling milk powder or logs. BTW, I own a Plinius amplifier (my second) that drives a set of Theophany speakers.
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David Thompson Posted:
A robust but sobering report. It concerns me that confidence is rising, yet sales and exports are down and "manufacturers and exporters are still lagging behind other sectors". Surely we should wait until we're earning more money before we start spending more?
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siemens Posted:
Yes true! The only thing that will never die in this world is the nature and its science behind it. Great post.
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Kieran Ormandy Posted:
Thanks for the question Steven, Germany has seen increases in manufacturing employment since 2009, and Switzerland has had stable manufacturing employment between 2006 – 2011, even in the face of ongoing Euro-zone issues. Korea has seen increases in manufacturing employment since 2008 and Israel experienced large increases since 1998, while being stable over the last 4 years. Singapore has had increases in manufacturing employment over the last two years. These countries all value their manufacturing sectors and work to protect them, this is reflected in the above numbers and their performance through the GFC. Note data around the above examples was sourced from OECD labour market stats.
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John Walley Posted:
Point one: you should have no doubt what our Association says publically represent the views of our members. Point two: we don’t knee jerk responses, if you trace back our comments around NZPower you will see them link all the way back to our research in 2004 and 2005. All that material is fully linked from our comments above. Point three: you will note our comments on major users, sadly the same advantage does not accrue to smaller industrial users. The perverse incentives of the LRMC approach in all this are well known. Point four: the NZMEA is not like any other Association in New Zealand we admit only manufacturers and exporters into membership, and our public expressions are the views of that restricted membership.
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Sales rebound

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The latest New Zealand Manufacturers and Exporters Association (NZMEA) Survey of Business Conditions completed during February 2011, shows total sales in January 2011 increased 12% (export sales increased by 23% with domestic sales increasing 9.8%) on January 2010.

The NZMEA survey sample this month covered NZ$378m in annualised sales, with an export content of 23%.

Net confidence dropped to -11, down from the 33 result reported last month.

The current performance index (a combination of profitability and cash flow) is at 100, down from 102.5 in December last year, the change index (capacity utilisation, staff levels, orders and inventories) went down to 102 from 105 in the last survey, and the forecast index (investment, sales, profitability and staff) is at 104.5, down on December’s result of 107.5. Anything less than 100 indicates a contraction.

Constraints reported were 78% markets, 11% skilled staff and 11% production capacity.

Staff numbers for December decreased year on year by 2%.

“This month’s results see a turnaround in sales with export sales in particular showing good improvement,” says NZMEA Chief Executive John Walley. “This is largely due to a favourable exchange rate with Australia.”

“Those selling into Australia are enjoying good margins along with reasonable demand. Elsewhere demand is slowly picking up but margins remain slim.”

“It is a shame that with results just starting to turn around the February earthquake disrupted production for many manufacturers operating out of Christchurch and has broken supply chains for others operating throughout the country.”

“This survey takes results from January; we expect the disruption to affect results severely through February and March, and by April we will start to see some semblance of normality.”

“Comments from manufacturers prior to the earthquake were that orders had remained patchy in line with a weak global recovery which has contributed to a lower confidence rating. Index numbers have tracked down. News of the likely double-dip recession last year is also a factor affecting confidence and future expectations.”

“It is important that we offer any assistance possible to firms disrupted by the earthquake and remove any barriers to those who need to move finding new premises. Business confidence in New Zealand is likely to track the fortunes of Christchurch for some time so it is important that disruption is minimised.”

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tags: survey, christchurch earthquake, margins, exchange rate


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