HUGE REVENUE GROWTH FROM OFF SHORE EDUCATION IN NEW ZEALAND
Overseas Education in New Zealand
In a press release on August 19, 2016, the Minister of Tertiary Education and Skills and Employment, Hon Steven Joyce, made a media statement that revenue of $171 million was earned last year from offshore education services which is a rise from $104 million in 2012. The Education New Zealand revealed the figures in the report. The significant contribution of overseas education services towards the New Zealand's economy which is around $242 million was also presented in the report. But the report did not include the economic valuation of the overseas students studying in New Zealand. The international education industry in New Zealand that is bot offshore and onshore delivery is the fifth largest export industry of the country. The statistical figures show that the value of onshore education delivery is estimated to be $3.1 billion per annul, as on 31st March.
The total estimated value of education services exports and onshore education delivery is $3.3 billion. Whereas the fourth largest export industry in the country is the woods export industry whose value is estimated around $3.6 billion. Mr. Joyce asserted that, "this report provides us with a more reliable measure of the offshore education services sector, and the value it represents to the New Zealand economy". As per the report there 20% increase in the value of revenue growth, and compared with 2012 survey, more samples of firms and activities were includes, which also involves some outside the education industry. The education services export industry in New Zealand is very diversified which includes a varied range of products and services such as, educational technology, publishing, consultancy, teaching services, training and assessment, and qualifications to overseas students and candidates.
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The offshore education services delivery could be done by any institution or workplace and delivered either physically or online transfer. The New Zealand Government is planning to increase the value of overseas education by 2025 to $5 billion and education services to be increased to $500 million. Mr Joyce believes that there are ample growth opportunities available offshore to the new education providers in New Zealand. He further mentioned that, "It is not easy to break through internationally, but a number of highly innovative companies are showing the way". He also added that, "the revenue increase since 2012 show valuable progress is being made towards achieving the Government's key growth goals for international education". Covec Limited produced the report in partnership with Info metrics, "Development and Implementation of a new Valuation Methodology for New Zealand's Education Services Exports". The report was based on the survey targeting 51 respondents which was conducted in the month of February and March 2016. Three fourth of the respondents stated that yes they were the part of education and training industry and the rest one fourth were from different industry.
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The key findings of the survey revealed that more than 60% of the respondents were providing conventional teaching and learning materials, more than half of them were providing educational technology services. Around 40% of them were offering consultancy services, 38% of the services were delivered online or through distance education. As per this survey there is expected growth of 20% in this sector in the coming three years. The top markets in this sector are Australia, China, US and UK. The direct employment in this sector is estimated to be 895, whereas total employment is estimated to be 1584. As per the report the crucial regional markets for New Zealand are, Southeast Asia, Middle East and Pacific Islands. This report provides a strong approach for assessing the value of educational services exports and also offers a widespread benchmark.
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