Call to back Kiwi-made as insolvencies soar

Call to back Kiwi-made as insolvencies soar

New Zealand businesses are facing unprecedented challenges, with data indicating a concerning number of companies entering liquidation in April

According to Centrix, the number of business liquidations in New Zealand are up 19% year-on-year, with 193 business liquidations across the country recorded in April 2024.

There were 203 company insolvencies recorded in April 2024, up significantly from the 156 recorded during the same period last year. The manufacturing sector saw the highest monthly liquidation total in five years.

Buy NZ Made executive director, Dane Ambler, says the rise in insolvencies raises concerns about the health of the New Zealand business landscape.

“This surge reflects the ongoing economic strain caused by a recession and rising inflation. The closure of companies leads to job losses, reduced investment, and a weakened overall economy.

“Don’t wait for your local to shut up shop. It’s crucial that consumers and the Government support local businesses by choosing to buy New Zealand-made goods and use

Kiwi-owned services to help stimulate economic growth.”

This message from Buy NZ Made aligns with the pressure many farmers and agricultural manufacturers and dealers are currently facing, adding to the message of businesses supporting each other within the industry.

Source: Buy NZ Made

Photo: Adobe Stock

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