May 22, 2018 Last Updated 7:58 AM, May 18, 2018

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Australian manufacturing industry continues record expansion

Aus manufacturing heraldAusBN – The Australian manufacturing industry has registered a seventh consecutive month of expansion according to the Australian Industry Group performance of manufacturing index (AiGPMI).

 

The index showed the manufacturing industry at 51.5 for January and despite a fall of 0.4 from December, means a continuation of the longest run of unbroken expansion since the survey began in 2010.

Four of the eight manufacturing sub-sectors expanded, registering above 50 which separates expansion from contraction, wood and paper stayed at 64.3, petrol hit 59.1, food, beverages and tobacco up to 56.7, with textiles stable on 50.1.

Innes Willox, Ai Group chief executive, said: "The manufacturing sector opened 2016 by continuing the positive momentum built over the second half of 2015. The benefits of the lower dollar continue to accumulate with local manufacturers enjoying greater shares of the domestic market and increased export opportunities.”

Mr Willox also pointed to encouragement for the upcoming months with an increase in new orders outweighing the decline in car manufacturing and the mining industry.

He said: “The ongoing strength of new orders points to further growth in the months ahead, notwithstanding the contraction in business for automotive supply chains and the further decline in orders from the resources sector.”

Notwithstanding the continued expansion, the manufacturing employment sub-index dropped 5.3 points to 47.1 and fell into contraction having ended the year on an annual high.

@AusBNonline

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