In a major relief to the recession hit export sector, the New Zealand government has further extended export guarantee schemes by announcing $200 million more for the traders.

Under the amended schemes, US Surety Bond would be extended by $70 million to $170 million while Export Credit Guarantee would be extended by $100 million to $315 million.

Finance Minister Bill English, while explaining the move, said that it is one of the best ways for the nation’s economy to mitigate the impact of global slowdown and enhancing export activities. Mr. English added that lack of collateral would be addressed through extended General Contracts Bond.

The FM added that it is essential for the trade development to have a healthy credit flow in the market. Mr. English further said, "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."

The country has already signed a free trade agreement with Malaysia and such deal may also come up with Hong Kong and US in next few weeks. Government hopes recovery in export segment by extending three schemes offered by the New Zealand Export Credit Office.