Tourism Struggling, but Export and Import Goods Picked to Rise
With Covid19 shutting the doors to tourism for all countries around the world, the impact on NZ is greater than most. Tourism for the last 3 years has become NZ's greatest source of export revenue, with the pandemic expecting to drop total export receipts 9% by March 2021. However, the fall in receipts from tourism masks a predicted increase in global demand for food. As times get tough, demand for basic goods - like food - rises. With imports predicted to increase 13% by March and higher global demand for NZ products, the movement of inbound and outbound goods will increase meaning cause for confidence in NZ's distribution sector. Despite the overall bleak picture for the economy, NZ's supply chain is set for early recovery.