Manufacturers in Australia are being advised to ensure their supply chains are as tight as possible and that losses are kept to a minimum as product demand continues to slide.
The warning to manufacturers Down Under can also be taken as a lesson to those based in the UK, which could also be suffering from a sharp fall in the demand for goods.
The Australian Industry Group (AI Group) released its Performance of Manufacturing Index (PMI) today (April 1st) which shows whether the industry is expanding or contracting.
Rising by 1.7 points, the PMI remained under 50 at 33.4, meaning the manufacturing industry is still contracting at present.
Heather Ridout, AI Group chief executive, said: "The Australian PMI suggests that economic conditions have not bottomed in the economy and that the outlook remains uncertain.
"Business is hunkering down and hoping that conditions will improve in the second half of the year; whether they will remains to be seen."
Small or medium-sized enterprises hoping to adapt their own supply chains to ensure they are protected from any losses could benefit from contracting a third-party supply chain management company.
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