Demand for Irish goods in the manufacturing sector increases.
Demand for Irish goods in the manufacturing sector increased at the fastest rate in four months in January, although output growth slowed to a 10-month low due to ongoing material and staff shortages according to a recent article in the Irish Times.
Label Craft Ireland has seen considerable growth in the last 2 years of carton manufacturing and a strong positive change in exports. This has been particularly influenced by Brexit, where companies formerly manufacturing in the UK have switched to Ireland for European hub distribution.
The latest PMI data from AIB shows a faster increase in new orders boosted the sector, but cost pressures remained severe despite easing further from October’s series record high. That led to the slowest rise in output prices in five months.
The PMI rose to 59.4 in January from December’s nine month low of 58.3. The headline is derived from indicators for new orders, output, employment, suppliers’ delivery times and stocks of purchases. Any figure greater than 50 indicates overall improvement of the sector.
The latest figure signalled a “strong overall improvement” in manufacturing business conditions, and was higher than in any survey period prior to April 2021, AIB chief economist Oliver Mangan said. It was only fractionally below its 2021 average of 59.7.
The month-on-month gain was only the second registered since May’s record high. It was reflected in four of the five components, the exception being output.
The largest positive directional influences were provided by suppliers’ delivery and new orders.
Demand for Irish-manufactured goods rose for the 11th month running. Moreover, the rate of growth accelerated to the fastest since September, partly linked to new customers.
Export demand also improved following subdued increases throughout the final quarter of 2021.
As an independent company Label Craft is able to be flexible but also offer high end production from its Dundrum factory with a 65 person strong team.
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