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ICT and hi-tech exports continue to grow

ICT and hi-tech exports continue to grow

New Zealand ICT and hi-tech exports are proving to be a solid source of growth and resilience for the country’s economy.

According to the Technology Investment Network (TIN 100) Report 2011, which was released today, New Zealand ICT and hi-tech companies surpassed the $7 billion revenue mark in 2011.

The report indicates that the industry has capitalised on growth opportunities, with particular expansion in Asia and Australia. Australia revenues alone were up by 10 per cent.

The ICT and hi-tech industry’s ability to scale is a key factor in this growth, says NZICT Chair Bennett Medary.
“While we continue to reap the rewards from our traditional export earners, there is no other industry that has the opportunity to scale and accelerate its export growth in the way the hi-tech and ICT sector can."

“These encouraging results come at a time of global economic uncertainty and difficult currency conditions," he says.

Other results show that 30 per cent of TIN 100 companies reached revenues of over $50m for the first time and that companies with revenues between $50 and $100m grew by 15 per cent during the year. Additionally, IT services and support outperformed other market sectors, with revenues growing by 11 per cent.

NZICT CEO Candace Kinser says while a number of well known companies appear in the results, it is particularly pleasing to see the inclusion of a number of lesser known companies that are doing great things in the industry.

“In many cases, these smaller companies fly under the radar, but they are valuable employers and contributors to our economy. With continued support and investment, they all have the potential to expand significantly in the coming years,” she says.

“It is also important to note that the Government’s ultra-fast broadband initiative is progressing as this will play a key support role for the technology industry moving forward.

“NZICT has been a supporter of the broadband initiative since its inception. I look forward to seeing how improved infrastructure can assist with the growth of our industry including other sectors,” says Kinser.

Initial results of the TIN 100 2011 can be found here.

ENDS

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