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Business / Economy

Record New Zealand-China trade ahead of target

(Xinhua) Updated: 2014-06-27 11:20

WELLINGTON - New Zealand exports to China soared last month, pushing two-way trade beyond NZ$20 billion ($17.54 billion) on an annualized basis for the first time, according to the government statistics agency Friday.

Prime Minister John Key welcomed the figures, saying the value of bilateral trade was well ahead of the two governments' target of NZ$20 billion by 2015.

"In 2010, two-way trade was worth NZ$10 billion ($8.77 billion) and our exports to China were NZ$4 billion ($3.5 billion)," Key said in a statement, adding New Zealand was exporting more than NZ$11 billion ($9.65 billion) worth of products to China a year.

Record New Zealand-China trade ahead of target

Record New Zealand-China trade ahead of target
Top 10 investors to the Chinese mainland

"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 NZ$30 billion ($26.32 billion) by 2020."

New Zealand's economic relationship with China had deepened markedly in recent years.

"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," he said.

Exports to China, New Zealand's main export partner, were up by NZ$204 million ($181.59 million) to NZ$868 million ($761.47 million) in May, was led by milk powder, crude oil and sheep meat, according to Statistics New Zealand.

The shipment of crude oil was the first to China since July 2009.

The two-way trade of goods hit NZ$20.1 billion($17.63 billion) in the year to the end of May, up NZ$4.7 billion ($4.12 billion) from the previous year, with exports contributing NZ$4 billion ($3.51 billion) to the rise.

The value of New Zealand's total exports in May were up 13 percent year on year to NZ$4.6 billion ($4.03 billion).

"Goods exports are high this month compared with May 2013. However, it appears the growth in exports seen in the past year has levelled off," international statistics manager Jason Attewell said in a statement.

New Zealand had a trade surplus last month valued at 6.2 percent of exports.

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