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New Zealand exporters face harsh market
New Zealand exporters face harsh market
Media Release
24 January 2008
Exporters will strive to stay competitive as the official cash rate remains at 8.25 per cent, one of the world’s highest. Exporters have been taking a hit in their profit margins as the dollar continues to be strong against global currency.
“As uncertainty ripples through financial markets, a rise in interest rates would have upset the delicate balance and made it even harder for our exporters as the interest difference between the US and NZ would only send the NZ dollar higher, ” said Bob Walters, CEO of Export New Zealand.
“Taken in conjunction with higher oil prices, which affect all costs for exporters, a rise in interest rates when we’re trying to improve productivity would have only slowed down much-needed capital investment.”
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