United Kingdom

China-New Zealand trade growth mitigates the impact of COVID-19

WELLINGTON, April 29 (Xinhua) – China now accounts for 32.6 percent of New Zealand’s total exports, up from 25 percent in 2018, according to a new report released by the China New Zealand Council (NZCC) on Thursday.

“Trade with China has played a significant role in ‘pushing New Zealand’s economy through the COVID-19 epidemic,'” the report said. New Zealand-China trade-business relations 2022 update.

After a slight decline in 2020, the report shows that exports of goods to China in 2021 increased significantly by 3.3 billion US dollars ($ 2.15 billion) or 19.8%, while imports from China increased by 3.1 billion in dollars ($ 2.02 billion). ), or 26 percent, the statistics show.

Total bilateral trade in 2021 amounted to NZ 37.7 billion (US $ 24.53 billion), which reaffirms China as New Zealand’s largest trading partner, the report said.

NZCC President John McKinnon said China’s market performance was welcome as exports to other major markets, such as Australia, Britain and Japan, fell due to the epidemic.

However, supply chains and shipping costs still pose major challenges for both exporters and importers, McKinnon said.

The report shows that New Zealand’s trade relations with China are “a stable cornerstone of our economy,” he said, adding that trade with China continues to show great potential given China’s positive economic prospects.

China-New Zealand trade growth mitigates the impact of COVID-19

SourceChina-New Zealand trade growth mitigates the impact of COVID-19

Back to top button