Tariff-led fall in NZ export demand less than in GFC: RBNZ

RBNZ chief economist says tariff-led fall in demand for NZ exports smaller than in GFC. (Image: Getty)

Thu, 24 Jul 2025

A fall in demand for New Zealand’s exports on the back of the high-profile tariff war is likely to be much smaller than occurred in the global financial crisis, even as it weakens the global economy, says Reserve Bank of NZ chief economist Paul Conway.“For New Zealand, that likely means softer demand for our exports. Importers may benefit from lower prices,” he said in a speech to Business NZ. “To give a scaler, this isn’t a GFC-scale shock [to GDP growth], which was another global shock with its epicentre in the U...

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