NZ Ministry for Foreign Affairs and Trade (MFAT) has released its latest market update on China.
Simon Says: key takeaways for New Zealand businesses trading with China
LARGEST TRADING PARTNER | China remains New Zealand's largest trading partner despite two-way trade reducing 5.6% in 2020.
MOST STABLE MARKET | Globally, China is one of the most stable markets in its recovery from the COVID-19 pandemic, and one of very few countries in the world to experience GDP growth in 2020.
LARGEST SOURCE OF EXPORT / IMPORT | China continues to be New Zealand's largest export destination, and also becomes New Zealand's largest source of imports, because imports from Australia's service sector to New Zealand have fallen due to COVID-19.
DAIRY, FORESTRY, MEAT DOMINATE | Primary Industries continue to dominate New Zealand-China trade: dairy, forestry and meat.
COVID-19 IMPACT ON LOGISTICS | Air and sea travel continues between China and New Zealand for both goods and people. COVID-19 regulations continue to determine the ease or otherwise of access to China. An area of particular focus has been cold chain storage, affecting New Zealand's key primary industries.
WHO'S HURTING THE MOST | Services exporters to China had the hardest time in 2020, with tourism earnings down 56% and education down 24%.
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Head of Advisory
Red Circle Network