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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Survey - Domestic Sales Support Growth

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The latest New Zealand Manufacturers and Exporters Association (NZMEA) Survey of Business Conditions completed during March 2010, shows total sales in February 2010 increased 1% (export sales decreased by 16% with domestic sales increasing 12%) on February 2009.

The NZMEA survey sample this month covered NZ$428m in annualised sales, with an export content of 29%.

Net confidence decreased to 36, down from the 45 result reported last month.

The current performance index (a combination of profitability and cash flow) is at 105.5, up from 100.5 in January, the change index (capacity utilisation, staff levels, orders and inventories) went up to 103 from 99 in the last survey, and the forecast index (investment, sales, profitability and staff) is at 106, up on February’s result of 104.5. Anything less than 100 indicates a contraction.

Markets remained the only reported constraint.

Staff numbers for February decreased year on year by 8%.

“Overall sales have turned positive due to improving domestic sales,” says NZMEA Chief Executive John Walley. “Export sales and staff numbers are still a concern with an overvalued exchange rate and weak international markets combining to ruin returns to exporters.”

“Index numbers and future expectations are continuing to improve which is a positive sign, but the sales and staff numbers give a more accurate picture of where the economy is right now.”

“Our own results reflect those from the economy as a whole, with the latest numbers from Statistics New Zealand showing slight Gross Domestic Product growth but a deterioration in the current account deficit, indicating worsening conditions for the tradeable sector.”

“More investment and more jobs in the tradeable sector will only follow improved profitability through policy settings that return an exchange rate based on trade.”

“The International Monetary Fund has belatedly realised that for small economies exchange rate control is an important part of macroeconomic management, and we have seen countries that ignored the dogma and exerted control on their exchange rates grow much faster over the past decade. The Government need to recognise this point and start to progress some changes.”

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tags: survey, sales, staff, confidence


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