Trade and Economic Updates
Domestic
2025 APEC Bio-Circular-Green (BCG) Award
MFAT is seeking nominees for the 2025 APEC Bio-Circular-Green (BCG) Award(external link). This is a chance to be recognised - on the international stage - for sustainability in one of three categories: 1) Women, 2) Youth, and 3) Micro, Small & Medium Enterprises (MSMEs).
The APEC BCG Award celebrates individuals and businesses driving real change through the Bio-Circular-Green (BCG) Economy(external link)—a powerful sustainability framework that integrates bio-economy, circular economy, and green economy principles to build a low-carbon, waste-free, and resource-efficient future. The BCG award offers global recognition and a prize of $ 5,000 USD. To check if you you’re a suitable nominee, and if your business or project aligns with the Bio-Circular-Green framework, see the eligibility criteria(external link) and check out the 2024 and 2023 winners.
If you (or someone you know) are leading the way in sustainability, we want to hear from you. To nominate, please send a brief write-up on how your business or project meets the criteria to apecnzregistrations@mfat.govt.nz.
Government Export focused Roadshow
- The All of Government Export Roadshow 2025 continues this week. MFAT is participating in this Export NZ event which brings together representatives from government agencies and government-funded programmes. This free series of events is designed to give exporters and businesses the opportunity to hear from government partners about how they are supporting exporters and to engage directly. The events run between the 17 March and 2 April, in Dunedin, Cromwell, Christchurch, Wellington, Hastings, Tauranga, Hamilton, and Auckland. See more details about the events and register(external link).
Americas
The United States announce tariffs on imports of automobiles and automobile parts into the United States
President Trump signed an executive order on March 26 that imposes a 25% tariff to foreign-made automobiles and key automobile parts. This is in addition to tariffs that are already in place on those goods.
The Fact Sheet(external link) accompanying the executive order notes the following:
- The 25% tariff will be applied to imported passenger vehicles (sedans, SUVs, crossovers, minivans, cargo vans) and light trucks, as well as key automobile parts (engines, transmissions, powertrain parts, and electrical components), with processes to expand tariffs on additional parts if necessary.
- Importers of automobiles under the United States-Mexico-Canada Agreement will be given the opportunity to certify the U.S. content of their goods. Systems will be implemented such that the 25% tariff will only apply to the value of their non-U.S. content.
- USMCA-compliant automobile parts will remain tariff-free until the Secretary of Commerce, in consultation with U.S. Customs and Border Protection (CBP), establishes a process to apply tariffs to their non-U.S. content.
The tariffs will go into effect from April 3. For further information on the products impacted please see the full proclamation on the White House website(external link).
Expanded Steel and Aluminium Tariffs
- As previously reported, universal tariffs of 25% on steel(external link) and aluminium(external link) products and their derivatives went into effect from 12 March 2025 (US time), including on countries that had previously had exemptions.
- In 2025, additional derivative steel articles (covered by Proclamation 10896(external link)) and aluminium derivatives articles (covered by Proclamation 10895(external link)) were added to the list of products with increased tariffs (under Proclamation 9705 and 9980). A list of these products can be found in Annex I(external link) for steel and Annex I(external link) for aluminium.
We expect further announcements from the US Administration on its ‘reciprocal tariff’ plan later this week.
North Asia
US tariff exemption for Hyundai
- Republic of Korea conglomerate Hyundai Motor Group has announced it will invest $21 billion USD in the US by 2028(external link) covering the automotive sector, steel industry, and energy. The announcement was made from the White House by Hyundai’s Executive Chair Chung alongside President Trump and the Governor of Louisiana. President Trump announced that due to Hyundai’s significant investment in the US, it will not need to pay tariffs. This week Hyundai also opened an $8 billion USD EV factory in Georgia(external link), USA.
Reports released this week
- Read the previous global economic round-up
- Indonesia's economic plans – March 2025
- Through smoke and uncertainty: strengthening New Zealand’s future in film – March 2025
- UAE Trade and Economic Update – March 2025
More reports
Previous global economic round-ups can be found here(external link).
View full list of market reports.
If you would like to request a topic for reporting please email exports@mfat.net
External links
The following links may provide useful information to businesses:
NZTE’s website(external link) and their myNZTE(external link) provides a range of insights and tools available to support 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.
The all of government Trade Barriers(external link) website can be used to register any trade barriers experienced or issues exporting to an offshore market. Queries can be sent via the website or through the MFAT Exporter Helpline 0800 824 605. Enquiries will be sent to the government agency best placed to answer.
Tatauranga Aotearoa Stats NZ provides official data on the value of New Zealand’s exports and imports of both goods and services, by commodity type via the New Zealand Trade Dashboard(external link). This interactive dashboard is updated every quarter and allows for filtering by country and by commodity type.
Feedback
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New Zealand Trade & Enterprise’s comprehensive market guides(external link) cover export regulations, business culture, market-entry strategies and more.
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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