Weekly Global Report:
Trade and Economic Reports
Africa and Middle East
Deputy Prime Minister Peters visit to Saudi Arabia
New Zealand and Saudi Arabia have announced their intention to re-launch negotiations for a Double Taxation Agreement with a timeline to be determined.
South and South East Asia
Singapore Prime Minister Wong delivers 2025 budget
On 18 February, Prime Minister Wong delivered a SGD$143 billion budget (approx NZD$ 189 billion), off the back of strong economic growth in 2024 (4.4% real GDP growth). The budget seeks to advance Singapore’s economic competitiveness, address cost of living and job insecurity pressures, and support families and vulnerable groups. Singapore will invest SGD$1 billion (approx NZD$ 1.32 billion) toward refreshed bioscience and medical technology research infrastructure and a national semiconductor fabrication facility. A further SGD$5 billion (approx NZD$ 6.6 billion) will be added to its Future Energy Fund to advance energy security and decarbonisation imperatives.
Europe
European Economy
The European Bank for Reconstruction and Development has lowered its 2025 EU growth forecast to 3.2%(external link), citing weak external demand, slower investment, and ongoing trade uncertainties, with potential US tariffs and persistent inflation complicating the outlook. Meanwhile, Germany's election results boosted the Euro and German equity markets(external link), as investors anticipate fiscal policy reforms and a coalition government that could revitalize the economy, including potential changes to Germany's "debt brake" rule. Additionally, European stock markets rose(external link) on news of potential Ukraine peace talks, with falling gas prices increasing hopes for an end to the war with Russia, which has hampered investment.
EU Regulations
The European Commission has introduced the first phase of its "simplification" agenda, exempting all but the largest 10,000 companies operating in the EU from environmental reporting requirements. The Commission considers these "omnibus" packages will reduce regulatory burdens without compromising the EU Green Deal, including goals to become the first climate neutral continent by 2050. Meanwhile critics like Oxfam and the European Consumer Organisation warn it could weaken environmental and human rights protections, especially in supply chains.
The EU is considering an import ban on foreign food products(external link) grown using pesticides that are banned in the EU. US soybeans, as well as Chinese and Indian tea and coffee products, are among the most common items containing banned pesticide residues. This measure aims to enhance food safety and protect local industries. Additionally, the EU is considering including higher animal welfare standards in future trade deals.
Business Women in Science, Technology, Engineering, and Mathematics (STEM)
Join the Ministry of Foreign Affairs and Trade virtually for Women in STEM: Supporting women to export to the UK on Thursday 13 March 2025.
This event will showcase two phenomenal New Zealand women and business leaders who are exporting to the United Kingdom in the tech sector:
- Amber Taylor: Founder/ Chief Executive Officer of Ara Journeys
- Angie Judge: Chief Executive/ Director of Dexibit
Come and listen to their experiences and lessons they have learnt as leaders and businesswomen. The United Kingdom Government will also provide information about its market conditions and provide advice on how to tap into its market.
9:30am – 11am (NZT) | Thursday 13 March 2025
Register here ➡ https://www.eventbrite.co.nz/e/women-in-stem-supporting-women-export-to-the-uk-tickets-1223003539509(external link)
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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.
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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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