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Australia worries slow growth in New Zealand manufacturing

Xinhua, May 14, 2015 Adjust font size:

Slowing demand from Australia curbed growth in New Zealand's manufacturing sector in April, according to the latest performance of manufacturing index (PMI) out Thursday.

The BNZ-Business New Zealand PMI for April was 51.8 -- down 2.8 points from March -- on a scale where above 50 indicates expansion and below 50 contraction.

Despite the dip, April was the 31st straight month of growth in the sector.

Business New Zealand executive director for manufacturing Catherine Beard said comments from respondents showed a distinct pattern mentioning the economic situation in Australia.

"Some outlined the high value of the New Zealand dollar relative to the Australian, while others mentioned the general lackluster Australian economy causing lower demand for New Zealand products," Beard said in a statement.

BNZ senior economist Doug Steel said that while the New Zealand dollar had been high against the Australian dollar in April, it had retreated rapidly in May.

"This, if sustained, should lend support to the PMI over coming months," Steel said in the statement. Endi