NZ's tech exporters deliver offshore revenue of $7 biln

Wednesday 19 October 2016 09:02 PM

NZ's tech exporters deliver offshore revenue of $7 biln

By Edwin Mitson

Oct. 19 (BusinessDesk) - New Zealand's technology export sector delivered offshore revenue of almost $7 billion, up 13.5 percent from $6.5 billion in 2015 according to the twelfth annual TIN100 report.

That was mainly driven by exports to the United States rising almost 26 percent to more than $2 billion, a figure boosted by the rising value of the New Zealand dollar. Exports to Europe grew by 12.5 percent and to Asia by 11.7 percent.

Total sales rose to $9.4 billion in the year since the previous report. The details were in an embargoed media release and the full report is available to purchase on its website.

The Technology Investment Network (TIN), monitors the performance of New Zealand’s 200 largest technology exporters in information and communication technology, high-tech manufacturing, and biotechnology. It was led by Fisher & Paykel Appliances, with revenue of $1.16 billion, with IT services company Datacom Group second with revenue of $1.06 billion. Fisher & Paykel Healthcare was third, with revenues of $816 million.

Greg Shanahan,TIN managing director said, "This year's data signals that an inflexion point has been passed as the industry hits critical momentum, reflecting longer term acceleration of technology growth and a significant closure of the export earnings gap between dairy and tech."

Dairy delivered export earnings of $12 billion in the year to the end of June 2015.

While the Information and Communication Technology sector showed the fastest increase in revenue growth, up 17.3%, Manufacturing contributed the most revenue in dollar terms.

Of the emerging companies, Pushpay delivered the largest revenue growth in the sector, increasing sales by $13 million to $15 million. Wireless power company, PowerbyProxi was second, with revenue growth of $10 million to $12 million. Retail point of sale software operator Vend was third, with sales growing by $7 million to $15 million.

Wellington-based virtual reality company 8i is named as the most promising early stage company, while Palmerston North's Biolumic is second. The company uses UV light to enhance crops. Canterbury's CropLogic, which uses software to deliver optimal yields, was third.

(BusinessDesk)

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