New Zealand businesses are adapting rapidly to changes in global markets, particularly since the Global Financial Crisis, Economic Development Minister Steven Joyce said Thursday on the release of two key business reports.

"It is actually quite phenomenal how the New Zealand export sector has successfully adapted to the growth of Asia and the strength of the New Zealand dollar," Joyce said in a statement.

"Less than 40 years ago the UK took approximately 50 percent of all New Zealand's exports; today it takes just 3 percent and China, Australia and the US are our biggest trading partners."

He was commenting on two reports released by the Ministry of Business, Innovation and Employment: the New Zealand Sectors Report 2014, which gives a comprehensive overview of economic performance; and the Knowledge Intensive Services Report, which highlights the role of professional, scientific and technical services in facilitating growth, innovation and exports.

"Australian businesses are responsible for 63 percent of all foreign direct investment in New Zealand, while half of all our outward direct investment is in Australia. A growing number of New Zealand businesses are truly trans-Tasman in scale and reach," said Joyce.

"Dairy continues to be our biggest export industry, but other large New Zealand exports include technology products, oil and gas, processed foods, wine, education, and IT services."

The New Zealand Sectors Report showed New Zealand exports were worth 62.4 billion NZ dollars (53.73 billion US dollars) in 2013, of which food and beverage manufacturing accounted for 38 percent, while agriculture, forestry and fishing accounted for 8 percent.