The government is providing $200 million more in trade guarantees to increase opportunities for exporters, Finance Minister Bill English says.
He says one of the best ways to ensure New Zealand came out of the recession strongly was to increase exports and investment.
"Ensuring our exporters have the credit flows to maximise the opportunities that flow out of recent trade developments is crucial," says English.
"New Zealand is well placed to benefit from growing demand for our quality products but we must make sure our exporters have the full range of tools they need to trade with the rest of the world."
In recent weeks New Zealand has signed a free trade agreement with Malaysia, concluded negotiations with Hong Kong and entered preliminary talks with the United States on it joining the Trans-Pacific Partnership, of which New Zealand is a member.
Under the changes three schemes offered by the New Zealand Export Credit Office will be extended:
-The US Surety Bond will be extended by $70 million to $170 million. Companies selling products to US government bodies must provide the bond but US insurers are reluctant to guarantee New Zealand firms;
-The Export Credit Guarantee is being extended by $100 million to $315 million. It enables exporters to offer overseas buyers repayment terms longer than 360 days and covers them for default; and
-The General Contracts Bond is being extended by $30 million to $75 million. It is a guarantee to an exporter's bank that enables the bank to issue a bond required as part of the exporter's contract in a situation where they lack collateral.
