Strong exports lift top 200 high tech firms
A report showing New Zealand’s 200 largest technology exporters grew revenues by $1.1 billion to total $11.1 billion in the past year is great news for the country’s future, Trade and Export Growth Minister David Parker said.
“The government is committed to improving the wellbeing of New Zealanders and one important factor in that is ensuring as a country we use our skills in areas where we have a competitive advantage.
“It’s great to see technology companies playing a role in this,” David Parker said.
Technology is now New Zealand’s third largest export sector behind tourism and dairy and is one of New Zealand’s fastest-growing sectors.
The main contribution to the rise in revenue was an increase in exports to North America, Australia and Europe, according to the 2018 TIN Report released today.
Overall exports by the group of 200, known as the TIN200, grew 12.4 per cent in the past year to reach nearly $7.9 billion.
The importance of innovation was highlighted by the 10 per cent growth in Research and Development spend to nearly $1 billion.
The successes were spread across the regions, showing that successful technology companies are not only in the big cities, but are also thriving in provincial New Zealand.
“The combination of our 15 per cent R and D tax credit and the $1 billion a year from the Provincial Growth Fund will support these welcome trends,” said David Parker, who is also Minister for Economic Development.
TIN200 profitability increased by 38 per cent - an important indication of the maturity of the sector.
Editor’s note: The TIN Report monitors the performance of New Zealand’s 200 (TIN100 and Next100) largest technology exporters in the areas of Information and Communications Technology, high-tech Manufacturing and Biotechnology. It is sponsored by New Zealand Trade and Enterprise, Spark, EY, Absolute IT, James & Wells and Simmonds Stewart.