Business / Economy

New Zealand trade records driven by China

(Xinhua) Updated: 2014-05-16 10:53

WELLINGTON - China drove a series of New Zealand trade records last year, according to a report from the New Zealand government statistics agency Friday.

New Zealand's two-way trade of goods and services (exports plus imports) for last year was valued at NZ$125 billion ($107. 99 billion), up NZ$3 billion ($2.59 billion) year on year.

The value of goods and services exports was NZ$64.2 billion ($55,46 billion), up 3 percent from 2012, with the rise driven by goods exports.

The largest increase in goods exports came from milk powder, up NZ$1.8 billion ($1.55 billion) to NZ$8.7 billion ($7.52 billion), the highest-ever value of milk powder exported for any year.

Dairy exports reached NZ$13.6 billion ($11.76 billion), including NZ$4.6 billion ($3.97 billion) to China.

"China moved up the ranks to become our top destination for goods exports, with NZ$10 billion ($8.64 billion) worth in 2013. Just under half of this was dairy exports. China accounted for 21 percent of our total exports in 2013, compared with the 19 percent that went to Australia," said the report.

China was also New Zealand's main import partner, sending goods worth NZ$8.3 billion ($7.17 billion) last year, up NZ$547 million ($472.81 million).

Meat and meat product exports rose by NZ$74 million ($63. 98 million), or 1.3 percent, led by increases in sheep meat exports and China had the largest increase.

Exports to Asia Pacific Economic Cooperation (APEC) countries rose by NZ$2.6 billion ($2.25 billion), or 15 percent, led by the rise in exports to China.

New Zealand's annual trade balance for the year ended December 2013 was a surplus of NZ$3.2 billion ($2.76 billion).

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