New Zealand surpasses its trade target with China earlier than expected
The Prime Minister has welcomed news showing the two-way trade relationship between New Zealand and China has exceeded $20 billion on an Annual basis for the first time.
Statistics out today reveal New Zealand is exporting more than $11 billion worth of products to China.
Prime Minister John Key says the government is committed to ensuring they have the right resources in place to support the growth.
“The growth is showing no signs of slowing and that is why in my visit to Beijing in March, President Xi Jinping and I set an ambitious new goal for trade. We are now aiming to reach two-way trade of $30 billion by 2020.
“That is why we have recently increased our personnel working on the China relationship, both in China and back in New Zealand.”
China is New Zealand’s second biggest trading partner and is the first and only country in the OECD to conclude a Tree Trade Agreement.
It has the world’s fastest growing and is the largest recipient of global foreign investment, as well as the first country in the world to achieve a $1 trillion economy.
Statistics New Zealand international statistic manager Jason Attewell says China is New Zealand main goods export partner.
“Export to China, were up $204 million to $858 million in May 2014. This was led by milk powder, crude oil and sheepmeat. This is the first shipment of crude oil to China since July 2009.”
Mr Key says reaching the $20 Billion target ahead of schedule shows investments into the market is paying off.
“We have seen rapidly escalating demand from China as people have become wealthier, and naturally turn to higher quality products. As a high quality food producer, New Zealand is well placed to help meet that demand.”
Jason Walls is an AUT journalism student