NZ tech export sector revenue passes $7 billion

A five percent increase in revenue saw the New Zealand technology export sector pass the $7 billion mark for the first time, according to a new report due to be released tonight.

The Technology Investment Network (TIN) 100 report, which is sponsored by New Zealand Trade and Enterprise and the Ministry of Science of Innovation, provides an annual census on the export earnings of local technology companies.

The full report will be launched tonight, however a media statement released yesterday claims the technology sector has surpassed $7 billion in revenue. Export revenue was $5 billion [Note in the original story it was claimed $7 billion was the export revenue].

TIN100 author Greg Shanahan says the sector is "now firmly established as our second biggest exporter behind dairy."

"Thirty percent of TIN100 companies have revenues of over $50 million for the first time. The group of companies with revenues between $50 and $100 million also grew by 15 percent during the year," Shanahan says.

Top ten TIN100 companies by rank, with 2011 revenue ($000):