Global Economic and Trade Update for New Zealand businesses - 5 February 2021

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We welcome feedback from New Zealand exporters on this report and invite requests for reporting from New Zealand’s network of Embassies and High Commissions. If you would like to be added to the weekly distribution list for this report, please also email us at exports@mfat.net.

Regional updates

Europe

  • On 24 December 2020, the UK and EU concluded a deal on the terms of their future trade relationship. This came into force on 1 January 2021 and the UK and EU are now trading under these terms.  Information about how Brexit may affect New Zealand exporters can be found here and here(external link).
  • On 29 January, the European Commission announced the introduction of a new export control measure for COVID-19 vaccines manufactured in the EU. New Zealand is coordinating closely with other countries which, like us, face potential disruption to supply chains as a result of the EU actions.  
  • On Monday 1 February, UK lodged its formal request to accede to the Comprehensive and Progressive Trans-Pacific Partnership (CPTPP). Under CPTPP guidelines, the next step will be for all CPTPP members to discuss the UK’s request and establish a working group to negotiate UK accession to the Agreement. New Zeland Trade and Export Growth Minister, Damien O’Connor, welcomed the UK’s request in a press release(external link).  
  • France has imposed new border restrictions, banning all but essential travel from outside the EU. Travellers from within the EU will have to present a negative PCR test on arrival.

Americas

  • Late on 26 January the Peruvian government announced a new series of total lockdown measures in Lima and nine other regions of Peru, effective 31 January for an initial period of two weeks. All non-essential shops and restaurants will be required to close, while basic services (supermarkets, banks and pharmacies) will be permitted to operate at 40% capacity.

Asia

  • The Malaysian Government is currently grappling with a fake ‘halal meat scandal’, after several meat vendors/distributors in Malaysia used fake halal authorisation stickers to pass off non-halal meat as halal. Export labelling rules have been tightened as a result, which will raise costs for New Zealand exporters. New Zealand officials in Malaysia, with support from MPI, are monitoring the situation closely and seeking clarification on the new rules from the Malaysian Government. Businesses can find out more about exporting animal products on MPI’s website(external link)

Middle East

  • Israel’s third lockdown has been extended until at least the 5th of February as the country struggles with a high number of COVID infections. Land and air borders remain closed.

Market reports released this week

External links

The following links may provide useful information to businesses:

  • NZTE(external link) has a website focused on providing COVID-19 information for exporters. They’ve also launched myNZTE(external link), an interactive digital portal of insights and tools available to all New Zealand exporters.
  • The Treasury releases a weekly economic update(external link) every Friday. Stats NZ has published a data portal(external link) with near real-time economic indicators.
  • MBIE publishes a sector reports series(external link) which provides regularly updated reports on all industry sectors that make up the New Zealand economy. These include official economic data and the challenges and opportunities that face New Zealand’s industry sectors.
  • Business.govt.nz(external link) provides tools and advice from across government to save small businesses’ time and help make the business a success.
  • MFAT has created a tariff finder(external link) which is designed to help goods exporters and importers maximise benefits from New Zealand’s Free Trade Agreements and compare tariffs in 136 other markets.

More reports

View full list of market reports

If you would like to request a topic for reporting please email exports@mfat.net

To contact our Export Helpdesk

Disclaimer

This information released in this report aligns with the provisions of the Official Information Act 1982. The opinions and analysis expressed in this report are the author’s own and do not necessarily reflect the views or official policy position of the New Zealand Government. The Ministry of Foreign Affairs and Trade and the New Zealand Government take no responsibility for the accuracy of this report.

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