NZ tech industry gains on farming

 

Value of hi-tech exports up there with primary produce.

 New Zealand’s technology sector is now the country’s third largest exporter, nipping at the heels of primary produce such as dairy and meat.

The country’s hi-tech companies are bucking the trend in a stagnant economy, according to the 2011 edition of the annual Technology Investment Network (TIN100) report, which surveys a hundred exporters in areas such as manufacturing, ICT and biotech.

The TIN100 reported that New Zealand's hi-tech revenues passed NZ$7 billion for the first time. Some NZ$5 billion were earned through exports, up four percent.

The star performers in the TIN100 report were ICT companies, which collectively achieved thirteen percent revenue growth.

New Zealand’s meat industry earned NZ$5.7 billion in export revenues in 2010, according to the Meat Industry Association. Dairy remains NZ’s biggest export earner, bringing in NZ$11 billion last year with projections to hit NZ$16 billion by 2014.

Australia is where Kiwis tend to make money, thanks to easy market access and a favourable exchange rate, the report said. Export revenues from Australia grew by ten percent last year.

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