16 Jan 2012

Eurozone downgrade 'no surprise' to NZ exporters

6:52 am on 16 January 2012

Export New Zealand says the downgrading of nine Eurozone countries by Standard & Poor's on Friday, will not come as a surprise to most exporters.

While the move is causing concern for businesses which rely on exports to Europe, Export NZ said many of the companies will have anticipated the downgrade and and the challenges that come with it.

However, executive director Catherine Beard acknowledged that companies clearly have a more challenging job ahead, especially if they are sending high premium products to the European market.

She noted that exporters are increasingly shifting their focus from Europe to the Asia-Pacific region.