16 Nov 2008

European downturn may not affect NZ exporters

9:15 pm on 16 November 2008

The Manufacturers and Exporters Association says an economic downturn in some European countries isn't necessarily bad news for its members.

The euro zone has announced it is in recession for the first time since it was formed in 1999.

The zone is made up of the 15 countries that use the euro as their currency.

The association says up to 35% of New Zealand's exports are sold in Europe, but in a variety of niche markets.

Chief executive John Walley says each of those markets will react differently to the downturn.

He says the recent fall in the New Zealand dollar will benefit this country's exporters, as long as their products continue to sell.