China and New Zealand have been good trade partners for years now and its tight partnership has brought advantages to both countries’ economies. China is the largest trading partner of New Zealand since 2017. It became so evident that trading in China brought significant business opportunities for many people in New Zealand.
Statistically speaking, New Zealand has exported $16.6 billion worth of goods in China and $2.7 billion in services. Meanwhile, New Zealand has imported $12.3 billion goods from China and $710 million in services for the past years. This very good relationship led to the Free-Trade Agreement (FTA) between China and New Zealand. This agreement opened a wider opportunity to both country’s economic growth further resulting in China sourcing agents in New Zealand.
New Zealand is known for their dairy products which is their number 1 export product in different countries and same with China. They also export Meat, Woods and Flour and Starch for goods. For services, New Zealand offers Tourism, Education, Transportation Services and Financial Services.
Just recently, January 26 2021 to be exact, China and New Zealand has upgraded its free- trade agreement to give New Zealand better access to the Chinese market and vice versa. This will also give more opportunity for New Zealand to offer more quality products in the Chinese market and more opportunity for Chinese exporters to share their products to the local market of New Zealand.
China and New Zealand also agreed to work together to the challenges of this pandemic, to help each other in making the export and import process smooth as much as possible for both parties. The warm relationship of China and New Zealand led for both countries to satisfy each other’s need in creating friendly-business trading and make it an easy course for more potential expansion and development.
New Zealand import goods and services from the China the following:
– Electronics
– Machinery
– Clothing
– Furnitures
– Plastics
– Iron and Steel Products
– Toys and Games
– Vehicles
– Papers
Before the pandemic happened, it was stated that China has become a vital market for New Zealand’s main export products. According to the international statistic’s senior manager of New Zealand, Peter Dolan, about a third of their dairy exports go to China and almost 60% of their forestry products, over 40% of their meat and 90 % percent of their visitors are Chinese nationals.
With a variety of products that China can offer, New Zealand has taken advantage of sourcing different products for homes and businesses. A good percent of cellphones and computers were imported from China in 2019. Electronics and Machinery are two of the top most imported products from China which accounted for $6.2 billion in just the end of December 2019.
Commodities demand from China and New Zealand gets higher, but both countries are prepared to offer goods and services that can benefit both economies. The newly updated free-trade agreement is just a sign that there is more to come for China-New Zealand Trading Partnership.
