An overview of the manufacturing sector

Jane Turner
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Jane Turner: Reserve Bank of New Zealand

Reserve Bank of New Zealand Bulletin, 2005, vol. 68, No 1

Abstract: This article examines recent trends in New Zealand's manufacturing sector. It ?nds that sales to the domestic market have been reasonably robust in recent years, re?ecting the strong local economy. However, the share of imports in local sales has been rising, partly due to structural factors and partly due to the rising exchange rate. Manufactured export activity has ?uctuated in recent years, with key in?uences including the exchange rate, commodity prices, and cycles in trading partner economies. After some weakness in 2002 and 2003, export sales strengthened in 2004, helped by the global economic cycle. The article ?nds that pro?tability (the earnings to sales ratio) has fallen for many industries over this period, which is likely to re?ect a rising exchange rate and ongoing competitive pressures.

Date: 2005
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