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New Zealand had a "two-speed economy" last month with exports struggling and domestic sales rising, the New Zealand Manufacturers and Exporters Association ( NZMEA) said Friday.
The NZMEA Survey of Business Conditions for October showed total sales in September decreased 7.88 percent year on year, with export sales down by 17.91 percent while domestic sales were up 5. 63 percent.
The survey sample this month covered 414 million NZ dollars ( 344.91 million U.S. dollars) in annualized sales, with an export content of 51 percent.
"Once again we can see that exports are continuing to struggle, while growth in the domestic economy is expanding domestic sales, we continue to see a two-speed economy," NZMEA chief executive John Walley said in a statement.
"Confidence and index measures have all fallen on last month, making this survey generally less positive."
Upward pressure on the New Zealand dollar had resumed after two months of a slight dip as a result of the U.S. government shutdown and a delay in the taper of the Federal Reserve's bond buying program, he said.
"The overvalued currency is having a damaging effect on our exporters and import competing manufacturers. The longer this continues, investment will be delayed, with on-going impacts on the growth of onshore activity, jobs, competitiveness and innovation."
