We now know the outcome of the US Election. The Republicans will control all facets of the US federal government – the Presidency, the Senate, the House of Representatives, and the Supreme Court. However, the exact nature of any policy changes that might occur after the new administration is inaugurated is far from certain.
There has been a lot of rhetoric regarding tariffs from the Trump campaign and many New Zealand businesses will be curious as to what the impact may be. To date, nothing has been formally announced regarding new tariffs on New Zealand exports to the United States.
This submission is from Export New Zealand and Manufacturing New Zealand. Both are membership organisations and part of the Business New Zealand network (see Annex 1). By definition, members of ExportNZ send goods across the border from New Zealand, and many also receive goods from across the border. Many members of ManufacturingNZ export and/or import.
ExportNZ welcomes a new Free Trade Agreement (FTA) between New Zealand and the Gulf Cooperation Council, which provides new avenues for exporters.
Executive Director Josh Tan says the agreement with the Gulf States will streamline processes to get New Zealand products on shelves in the Gulf sooner.
The end of the year is often a very busy time for trade policy practitioners. This year will be no different. We have an APEC Leaders’ Meeting in Peru and associated trade and foreign minister meetings; CPTPP Ministers will be meeting; Members are ratifying and planning to implement the Indo-Pacific Economic Framework (IPEF); the lawyers are tidying up the recent agreement with the UAE; negotiations continue with the Gulf Cooperation Council (GCC); and intensive diplomacy with India continues. Analysts are trying to understand what the impact of the Chinese economic stimulus package will have on import demand. Overlaying everything is the US Presidential Election, where trade policy is very much front and centre of both the Dems and GOP policy platforms.
“The deal between the UAE and NZ looks to be a comprehensive agreement between our two countries, and the immediate tariff reductions will be warmly welcomed by NZ businesses exporting goods and services into the Gulf State,” ExportNZ Executive Director, Josh Tan said.
The 2024 ExportNZ DHL Export Barometer shows that although New Zealand exporters are facing a challenging time, they’ve had a positive last 12 months and remain confident that conditions will continue to improve over the next 12 months. Check out this year’s survey results below.
This month, we bid farewell to Kirk Hope and warmly welcomed Katherine Rich as the new Chief Executive of Business New Zealand. Katherine brings a wealth of experience in policy and advocacy, having led the New Zealand Food & Grocery Council (NZFGC) for several years, following a nine-year tenure in Parliament. She also has deep knowledge of New Zealand’s export sector, having represented the NZFGC on the GS1 Board, served as a member of the New Zealand International Business Forum, and spent five years on the APEC Business Advisory Council (ABAC) as a New Zealand representative. During her time with ABAC, Katherine focused on reducing non-tariff barriers for exporters across the region—a priority that many exporters will surely appreciate.
Last month, shipping costs spiked, this month is it electricity prices surging due to a perfect storm of low lake levels, low wind generation, and low gas supplies. While electricity and shipping costs are currently below their highest peaks, costs remain high and are putting unnecessary pressure on exporters and businesses. Check this month’s trade and advocacy update for
more information.
This past month saw shipping costs on the rise again as rebels continue to threaten the Red Sea shipping lanes and routes continue to be diverted around the Cape of Good Hope. US President Biden’s decision not to run for re-election has added another twist in the US Presidential Elections – you can find ExportNZ’s perspective on both topics in our Trade & Policy Update below.
This is the final week to respond to the ExportNZ DHL Export Barometer Survey for 2024. This survey is really important to
ExportNZ’s advocacy so if you haven’t yet filled it in, please do so by the end of this week! If you complete the survey you will
go in the draw to win a great prize – details are below!
