This paper reports on the international trade perfor Mance of New Zealand manufacturing industries over 1985–1995, a period during which substantial trade liberalisation came into effect. Some industries did much better than others in terms of export growth and/or import substitution, and this variation is related to industry concentration. While very high levels of industry concentration may once have been necessary for enhanced trade perfor Mance, the analysis presented in this paper suggests that this may no longer be the case.
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