CANBERRA:Activity in Australia's manufacturing sector was weaker in May than a month earlier due to less demand and strong competition from imports, a survey showed on Tuesday.
The Australian Industry Group-PricewaterhouseCoopers Australian Performance of Manufacturing Index (PMI) fell to 52.3 points from 58.4 in April. A reading above 50 indicates manufacturing is generally expanding.
AiG chief executive Heather Ridout said the PMI result was influenced by contracting activity in the chemicals, petroleum and coal products, and a substantially slower pace of expansion in basic metals, down from an extraordinarily high base.
Basic metals, chemicals, petroleum and coal products account for 45% of all manufacturing activity in Australia. — Reuters