Member log in

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

More by Jason Walls

Comments and questions
7

Politics without principles - while Chinese are oppressed, imprisoned, and tortured. But hey, that's ok. We just make sure we don't offend them.

Not a peep out of our government. Everybody ok with this?

Set the rest of us an example then - you principled enough to stop using any products made in China?

Better still, stop using any product from countries like Saudi Arabia, Pakistan, Vietnam, Russia etc.

Thought so - cannot do without your smart phone, TV and gasoline for your car, can you?

You could say the same about some parts of American Society. Do you believe public shaming them would be a better approach for engagement where we all stop high on the moral ground and broke?

"Two way trade"

What?

Look at how the "free trade agreement" has destroyed our balance of payments. A trade surplus is irrelevant - our balance of payments is an horrific deficit. It's a one way trade deal benefiting nobody but China and the cronies who set it up.

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.
- it's in NZ's favour isn't it?

Anon? I think you are a little confused. The China free trade agreement has a positive impact on the NZ economy. Our balance of payment (BOP) total deficit will improve with further exports outpacing imports. With China we have a net positive trade relationship we need to do this with outer counties as well to achieve a BOP Surplus. Going back on the China deal would be a disaster for BOP and the growth of our economy even outside the trade balance impact.

This agreement was put in place with years of both Labour and National negotiation if it is some kind of left wing rant you are trying to do why do you believe Labour pushed for this as well?