IT Brief New Zealand logo
Technology news for New Zealand's largest enterprises
Story image

Digital trade pivotal in unlocking economic benefits for NZ, report finds

By Catherine Knowles
Mon 13 Dec 2021

Digital trade solutions have the potential to drive significant changes in supply chains, and unlock economic benefits equivalent to a major trade agreement for every country pairing that adopts digital trade.

This is according to a new report from the New Zealand Institute of Economic Research (NZIER) titled ‘Digital Trade is the way forward for New Zealand', commissioned by TradeWindow.

The aim of the report was to quantify the possible economic benefits from increased adoption of digital trade.

The study found that a further NZ$9-18 billion of value could be unlocked over 10 years by trade between New Zealand and its APEC trading partners if digital trade is more fully adopted.

NZIER’s Chris Nixon says the New Zealand Government is making positive strides towards operationalising digital trade initiatives.

He says, “Our report highlights there is a long way to go to realise the full benefits of digital trade globally, however more trade agreements are starting to take account of international digital transactions, with a number including binding commitments on data flows.

"Emerging international agreements, such as the Digital Economic Partnership Agreement - DEPA - which includes NZ, Chile, Singapore and hopefully soon South Korea and Canada are among the pace-setters on this.”

The report notes that China has recently formally requested to join the other members and applicants of DEPA, and that the economic case is strong for it to do so.

NZIER quantifies possible economic gains of NZ$405 million - $1,584 million per year in the New Zealand-China trade lane alone through the adoption of digital trade.

The report identifies an array of gains from the increased adoption of digital trade. These include:

  • Productivity gains from moving away from paper-based systems.
  • Connectivity gains as digital systems for building trust break down long standing cultural and regulatory barriers.
  • Predictive gains from being able to ‘foresee’ supply and demand with greater accuracy and plan accordingly.
  • Visibility gains – enhancing security and certainty of provenance.
  • Inclusiveness gains – enabling smaller and less sophisticated exporters and importers to get started sooner, easier and more safely in global trade.

Nixon says, “It comes as no surprise to those working in the supply chain that the cost reductions are significant. Recent examples showed that a single shipment could pass through 30 different organisations, with up to 200 communications about that shipment.

"These communications are impeded if they use systems that do not talk to each other, e.g. pieces of paper. If a form is missing or there is a problem with some information, then delays are inevitable.”

According to Nixon, the benefits of digital trade have been particularly apparent during the pandemic and this has increased the openness of exporters, large and small, to adopt digital solutions for trade documentation.

He says, “The benefits of digital trade solutions have been brought into stark contrast during the pandemic when it has not been possible to deliver the right paper (with wet signatures and stamps) to the right ports in the appropriate time frame.

“If we can increase understanding through outreach programmes to MSMEs and SMEs and demonstrate the value of digital trade, we will begin to realise that the cost reductions are truly significant.”

The report was commissioned by TradeWindow, a trade-tech company focused on helping importers, exporters, freight forwarders and customs brokers working on the frontline of global trade.

TradeWindow CEO AJ Smith welcomed the report. Smith says, “These positive findings come at a time when the New Zealand Government is playing an active leadership role with the other APEC economies to encourage the adoption of digital trade.

"It is helpful to see the economic benefits quantified and also to appreciate that these benefits are shared across the supply chain with the producer, transport companies, regulatory agencies and customer and consumer. Everyone benefits when trade flows more efficiently, and trade begets more trade.”

Related stories
Top stories
Story image
Cybersecurity
Cybersecurity prompts upgrade for 1.3 billion electricity meters
ABI Research finds Advanced Metering Infrastructure (AMI) and cybersecurity concerns are prompting the upgrade of 1.3 billion electricity meters by 2027.
Story image
Women in Technology
Huawei webinar emphasises the importance of women in tech
Industry findings by Coursera discussed as part of a webinar jointly organised by Huawei and Reuters Events found 6% more women enrolled in tech courses this year than in 2021.
Story image
CrescoData
SPS network now available to CrescoData eCommerce customers
CrescoData, a Pitney Bowes Company and PaaS business in the commerce space, says its customers can now connect to the SPS Commerce Retail Network.
Story image
Digital Marketing
Similarweb acquires SEO and rank tracking company Rank Ranger
Digital intelligence company Similarweb, which specialises in analysing web traffic, has acquired Rank Ranger, a market leader in SEO and rank tracking.
Story image
SaaS
Rubrik Security Cloud marks 'next frontier' in cybersecurity
"The next frontier in cybersecurity pairs the investments in infrastructure security with data security giving companies security from the point of data."
Story image
Amazon Web Services / AWS
RedShield leverages AWS to scale cybersecurity services
"Working with AWS gives RedShield the ability to mitigate significant application layer DDoS attacks, helping leaders adopt best practices and security architectures."
Story image
Employment
Tech job moves - Forcepoint, Malwarebytes, SolarWinds & VMware
We round up all job appointments from May 13-20, 2022, in one place to keep you updated with the latest from across the tech industries.
Story image
Data Protection
Barracuda launches new capabilities for API Protection
"Every business needs this type of critical protection against API vulnerabilities and automated bot attacks," Barracuda says.
Story image
Microsoft
New Relic enters multi-year partnership with Microsoft Azure
New Relic has announced a strategic partnership with Microsoft to help enterprises accelerate cloud migration and multi-cloud initiatives. 
Exabeam
Find out how a behavioural analytics-driven approach can transform security operations with the new Exabeam commissioned Forrester study.
Link image
Story image
Application Security
What are the DDoS attack trend predictions for 2022?
Mitigation and recovery are vital to ensuring brand reputation remains solid in the face of a Distributed Denial of Service (DDoS) attack and that business growth and innovation can continue.
Story image
Sift
Sift shares crucial advice for preventing serious ATO breaches
Are you or your business struggling with Account Takeover Fraud (ATO)? One of the latest ebooks from Sift can provide readers with the tools and expertise to help launch them into the new era of account security.
Story image
Vodafone
Vodafone NZ buys remaining stake in retail joint venture
Vodafone New Zealand has purchased the remaining 50% stake in the specialist joint venture (JV) with private equity company Millennium Corp.
Story image
Remote Working
Successful digital transformation in the hybrid work era is about embracing shifting goalposts
As organisations embraced remote working, many discovered they lacked the infrastructure needed to support history’s first global load test of remote work capabilities.
Story image
Data Center
Preventing downtime costs and damage with Distributed Infrastructure Management
Distributed Infrastructure Management (DIM) can often be a lifeline for many enterprises that work with highly critical ICT infrastructure and power sources.
Story image
Ransomware
Cybersecurity starts with education
In 2021, 80% of Australian organisations responding to the Sophos State of Ransomware study reported being hit by ransomware. 
Story image
Sustainability
Equinix announces milestones on sustainability commitments
Equinix has released its 2021 Sustainability Report which outlines progress, innovation and accomplishments on key ESG commitments.
Story image
Lightspeed
Lightspeed launches all-in-one marketing platform in A/NZ
ECommerce provider, Lightspeed has launched a new all-in-one marketing solution, Lightspeed Marketing & Loyalty in Australia and New Zealand.
Story image
Cybersecurity
More than 40% of banks worried about cloud security - report
Publicis Sapient's new report finds security and the lack of cloud skills and internal understanding of business benefits are big obstacles for banks moving to the cloud.
Story image
New Relic
New Relic launches vulnerability management platform
New Relic has introduced New Relic Vulnerability Management to help organisations find and address security risks faster and with greater precision.
Darktrace
Threat actors are exploiting weaknesses in interconnected IT/OT ecosystems. Darktrace illuminates your entire business and takes targeted action to stop emerging attacks.
Link image
Story image
Malware
New vulnerabilities found in Nuspire’s Q1 2022 Threat Report
“Threat actors are quickly adjusting their tactics and these exploits tend to get industry attention, but the threat posed by older and attacks still persists."
Story image
Vectra AI
Understanding the weight on security leader’s shoulders, and how to shift it
Millions of dollars of government funding and internal budgets are being funnelled into cybersecurity to build resilience against sophisticated threats, indicating how serious this issue has become.
Story image
Infrastructure
Nutanix study reveals financial services sector lagging with multicloud adoption
Nutanix has released new research that reveals the financial services sector is lagging behind when it comes to multicloud adoption.
Story image
Nozomi Networks
Nozomi Networks, Siemens reveal software integration
Nozomi Networks and Siemens have extended their partnership by embedding Nozomi Networks’ software into the Siemens Scalance LPE local processing engine.
Story image
Qualys
Qualys updates Cloud Platform solution with rapid remediation
The new update is designed to enable organisations to fix asset misconfigurations, patch OS and third-party applications, and deploy custom software.
Story image
Silver Peak
The path to an adaptive, modern network
Managing and securing the network looks different than it did just two years ago—especially given that most of these networks are made up of multi-generations of infrastructure stitched together over time.
Story image
Cybersecurity
Comcast to use ThreatQuotient for cybersecurity operations
Comcast, the parent company of NBC Universal and SKY Group, has chosen ThreatQ Platform and ThreatQ Investigations to meet their cybersecurity needs.
Story image
Excel
Could your Excel practices be harming your business?
While Excel has been the de-facto standard for budgeting, planning, and forecasting, is it alone, enough to support organisations in the global marketplace that’s facing rapid changes due to digital transformation?
Story image
Customer experience
Research unveils precarious customer loyalty for retailers
New research has found customers are reassessing established brand loyalties as their priorities and behaviours shift.
Story image
Ransomware
Alarming surge in Conti Ransomware Group activity - report
A new report has identified a 7.6 per cent increase in the number of vulnerabilities tied to ransomware in Q1 2022.
Story image
Cybersecurity
A10 Networks finds over 15 million DDoS weapons in 2021
A10 Networks notes that in the 2H 2021 reporting period, its security research team tracked more than 15.4 million Distributed Denial-of-Service (DDoS) weapons.
Story image
Digital Transformation
Trading up: It's time to swap core systems for flexible digital applications
This year will see more oranisations planning and commencing high tech renovations that will shake up the way they operate.
Story image
Customer experience
Gartner recognises Okta for abilities in Access Management
Okta has announced it has been recognised as a Customers' Choice for the fourth time in a row in the Gartner Peer Insights "Voice of the Customer" report.
Booster
Booster Innovation Fund. A fund of Kiwi ingenuity – for Kiwi investors.
Link image
Story image
Supply chain
Jetstack promotes better security with supply chain toolkit
The web-based resource is designed to help organisations evaluate and plan the crucial steps they need to establish effective software supply chain security.
Story image
Artificial Intelligence
SAS announces new products amid cloud portfolio success
Analytics and AI company SAS is deepening its broad industry portfolio with offerings that support life sciences, energy, and martech.
Story image
Training
Trojan cyber attacks hitting SMBs harder than ever - Kaspersky
In 2022 the number of Trojan-PSW detections increased by almost a quarter compared to the same period in 2021 to reach 4,003,323.
Story image
Cloud Security
Aqua Security createa unified scanner for cloud native security
“By integrating more cloud native scanning targets into Trivy, such as Kubernetes, we are simplifying cloud native security."
Story image
Digital Transformation
The Huawei APAC conference kicks off with digital transformation
More than 1500 people from across APAC have gathered for the Huawei APAC Digital Innovation Congress to explore the future of digital innovation.
Story image
Sustainability
Legrand unveils Nexpand, a data center cabinet platform
Legrand has unveiled a new data center cabinet platform, Nexpand, to offer the necessary scalability and future-proof architecture for digital transformation.
Story image
Apricorn
Data backup plans inadequate, data still at risk - study
The Apricorn 2022 Global IT Security Survey revealed that while the majority organisations have data backup plans in place, data for many are at risk.
Softiron
For every 10PB of storage run on HyperDrive vs. comparable alternatives, an estimated 6,656 tonnes of CO₂ are saved by reduced energy consumption alone over its lifespan. That’s the equivalent of taking nearly 1,500 cars off the road for a year.
Link image
Story image
SaaS
Maintaining secure systems with expectations of flexible work
Most office workers feel they've proved they can work successfully from home, and as much as employers try, things aren't going back to the way they were anytime soon.