POA launches new economic activity indicator

The index will track monthly container and non-containerised volumes though the port and will be accessible on the company's website. Data for each month will be updated around the middle of the following month.

Until now the company has only released volumes on a six and twelve month basis, with the information not available until around 10 weeks after being recorded.

POA chief, Geoff Vazey, says the company is New Zealand's largest source of information on import and export volumes and a key economic player.

"We recognise that the company has a pivotal role in the economic well being of the region and country as a whole. By establishing the index we are taking a leadership role in line with such a responsibility

"In addition, we are often asked by economic and financial commentators for volume updates due to our being such an early indicator of trends. Establishing an index on the website ensures equal access for all to potentially price sensitive information."

Reserve Bank governor Don Brash says Ports of Auckland's container volumes are a significant barometer of New Zealand's international sea trade and it will be good to have the early data knowing that the volumes comprise such a large part of the economy.

"The ongoing volumes information may help to reduce short-term speculation as to what is going on in the economy," Dr Brash says.

An economic impact assessment of Ports of Auckland in 2000 found that the economic activity dependent on or facilitated by Ports of Auckland is worth around $13.2 billion in value added in the New Zealand economy.

"This activity represents about 13% of the country's gross domestic product (GDP) and sustains nearly 210,000 jobs," POA says.

The report said that the port handles approximately 68% of all New Zealand imports by value and 33% of all New Zealand exports by value.

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