Weekly Global Report:
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Highlights
- The United States Committee on Foreign Investment (CFIUS) has granted New Zealand final excepted foreign state investor status, alongside Australia, the United Kingdom and Canada. Final excepted status should help to support New Zealand investment in the US by enabling some New Zealand investors, particularly firms developing critical technologies or which deal with critical infrastructure and sensitive personal data, to avoid more onerous screening processes. This means it will be easier to support further growth in investment in the US and support diversification. The Minister of Finance has released a press release on New Zealand’s excepted status(external link).
- China has recorded 3% GDP growth in 2022, falling short of the growth target of 5.5% set by the Chinese Central Government. The result was a consequence of a year beset by large-scale COVID-related disruptions. Read more in our latest China market update report which has been published on our website.
Regional Updates
Global
- The Food and Agriculture Organisation of the United Nations recently released the International Food Price Index update which fell by 0.8% in January. This is due to the decreased trend in milk powder and butter prices from lower importer demand and increased supply in New Zealand.
Europe
- Swedish Minister for Aid and Foreign Trade Johan Forsell and Crown Princess Victoria and Prince Daniel travelled to Australia and New Zealand 13-18 February. The purpose of their trip was to deepen commercial and political ties as New Zealand’s free trade agreement with the European Union (EU) are expected to be signed in 2023. The EU is New Zealand’s 4th largest trading partner and is one of New Zealand’s most important trading markets. New Zealand major goods exports to the EU include meat, fruit, beverages, and seafood.
- The European Parliament formally approved a law to ban the sale of new petrol and diesel cars from 2035. This follows the European Parliament’s push towards electric cars. The new law will require carmakers to achieve a 100% cut in CO2 emissions from any new cars sold and sets a 55% cut in CO2 emissions for new cars sold from 2030. The deal was agreed upon by EU member countries last October and is expected to be approved in March 2023.
- The European Council has authorised member states to ratify the Second Additional Protocol to the Convention on Cybercrime, in the interest of the EU. This protocol is set to remove boarders to access electronic evidence for criminal proceedings and aims to improve international cooperation between authorities across the European Union. There is potential for this protocol to be global; 34 countries have already signed to ratify the protocol.
Asia
- China has announced that it will stop recognising foreign qualifications obtained via distance learning (online), reverting to a pre-COVID status quo. The announcement takes effect from New Zealand’s first semester of 2023. The policy change means that all Chinese students studying at New Zealand universities will now have to be studying in New Zealand to have their qualification recognised in China.
- The 2023 State of Southeast Asia Survey, conducted by the ASEAN Studies Centre at the ISEAS-Yusof Ishak Institute in Singapore, shows that issues of unemployment, inflation, commodities crunch, and rising cost-of-living remain foremost on the minds of Southeast Asian respondents. On geopolitical issues, key highlights of the Survey include: China continues to be seen as the most influential economic and political-strategic power in the region, while the US retains its position as the region’s top choice in maintaining a rules-based order / international law. Increased tensions in the Taiwan Strait and unresolved disputes with China are seen as the biggest potential flashpoints affecting the region. India is now the third top choice (behind the EU and Japan) as a hedge against US-China competition.
Americas
- US inflation has decreased to 6.4% according to the newest Consumer Price Index Summary from the U.S. Bureau of Labor Statistics. The Consumer Price Index rose 0.5% in January and food prices also increased by 0.5%.
Market reports released this week
Read the previous global economic round-up
Canada: Fall economic statement - January 2023
External links
The following links may provide useful information to businesses:
NZTE(external link) has a website focused on providing COVID-19 information for exporters. They’ve also launched myNZTE(external link), an interactive digital portal of insights and tools available to all 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.