Increasing international demand will fuel agricultural exports.
29 February 2012 | Economists for HSBC bank say New Zealand is heading towards outperforming world trade growth as increasing demand from Asia and Latin America fuels agricultural exports.
New Zealand’s trade will grow at an annualized rate of 5.9 per cent over the next five years, outperforming forecast world trade growth of 3.8 per cent annually.
The trend is expected to continue into the next decade, with New Zealand’s growth predicted to rise a further 7.3 per cent between 2017 and 2021 annually, compared to world growth of 6.2 per cent, according to the latest HSBC Global Connections report.
“New Zealand is in the right geography and in the right industries to take advantage of accelerating trade trends,” said Gary Cross, head of global trade and receivables finance at HSBC. “As millions more people within the emerging markets of the Southern Hemisphere move up to the middle classes, demand for our agricultural, meat, wood and wine products can only increase.”
–New Zealand Herald-