Dairy farmers in New Zealand hit by China's slowing economy

When China's economy was growing in double digits, dairy farmers more than 9,600 kilometers away in New Zealand felt like they had won the lottery.

They were getting record prices for their milk and it seemed there was no slaking China's thirst for premium New Zealand infant formula, especially after a tainted milk powder scandal made Chinese shoppers wary of domestic brands.

Now, it's as if farmers have discovered the lottery ticket was not valid. A world milk glut and a decline in Chinese demand for imported dairy products have sent prices down by 50 percent. Many farmers are borrowing to stay afloat and rural suicides have increased.