Sydney, March 1 (IANS) Australian manufacturing activity continued to expand in February, a survey showed Thursday.
The survey was released by the Australian Industry Group (Ai Group).
The Australian Industry Group/PriceWaterhouseCoopers Australian Performance of Manufacturing Index (PMI) was 51.3 in February, only 0.3 index point down on the January reading, reported Xinhua.
Readings above 50 indicate an expansion in activity with the distance from 50 indicative of the strength of the increase.
According to the latest index, the clothing and footwear and transport equipment were the strongest performers among the 12 sub-sectors in February, with significant increases in activity.
Ai Group chief executive designate Innes Willox said the February index suggested manufacturing remained resilient in the face of the high Australian dollar and difficult trading conditions.
“The movement of new orders into positive territory for the first time since the middle of 2011 is also encouraging,” Willox said in a statement accompanying the survey’s release.
“Nevertheless, conditions remain patchy and large sub-sectors including fabricated metals, chemicals and petroleum and construction materials are finding the current environment particularly difficult,” he said.
Wood products and furniture, paper, printing and publishing, fabricated metals and miscellaneous manufactures sub-sectors recorded the biggest decline in activity during February.
