New Zealand exporters are weathering the economic slowdown in the United States caused by the sub-prime mortgage crisis - with some even optimistic about future orders, a survey has found.
A poll of 244 New Zealand businesses by logistics company DHL has found 58 per cent reporting no
impact to their current export orders to the US.
Only 22 per cent experienced a fall, while 5 per cent had an rise in export orders. Over the next six months, 77 per cent expect either no change or more orders to the US market.
Those polled also found other export markets to be unaffected by America's economic malaise. Over the next six months 80 per cent expect orders to markets other than the US to remain stable.
Jason Wong, director of economics and strategy at First NZ Capital, said while global economic growth is clearly slowing, this was from a very strong run-rate, meaning exporters could still achieve growth.
"When weighted by exports, New Zealand trading partner GDP growth is much stronger than during the Asian crisis of 1998 or the tech-crash of 2001, which puts the impact of the sub-prime crisis into perspective.
"Australia and Asian economies are still growing strongly and recent data have showed upside surprise to Europe and Japan economic growth relative to expectations."
Respondents said the fluctuating kiwi against the US had actually benefited them, with more than 50 per cent reporting cost savings. Of these, 66 per cent were reinvesting these cost savings with 26 per cent using the savings to cover increased operating costs such as fuel.
"The survey results on cost savings are a friendly reminder that there are two sides to the currency debate," said Wong. "Exporters benefit from a strong currency to the extent that it keeps imported costs low but clearly revenue is affected on the negative side. A weaker currency would boost export revenue, but any gains would be reduced by higher costs."
DHL Express NZ general manager Derek Anderson said it was encouraging exporters were optimistic.
