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Data released on Tuesday showed New Zealand exports to China grew by 27 percent in 2017, a new high that capped a record year for trade built on the back of a pioneering free trade agreement.
Wellington saw overall exports hit 53.7 billion New Zealand dollars (39.3 billion US dollars), an 11 percent increase on 2016, as the country’s trade deficit narrowed to 2.8 billion NZ dollars (2.05 billion US dollars).
Dairy products are New Zealand's biggest export to China.
The two countries first signed an FTA in 2008, marking China’s first such agreement with a developed country. Since then, the FTA has slowly been implemented and upgraded, with 96 percent of bilateral trade set to be tariff-free by 2019.
A meeting between Chinese Premier Li Keqiang and New Zealand’s Prime Minister Jacinda Ardern in November saw further discussions take place on an upgrade to the FTA, the success of which has seen China become New Zealand’s largest export destination since 2013.
Chinese Premier Li Keqiang met New Zealand Prime Minister Jacinda Ardern on the sidelines of the ASEAN Summit in Manila in November 2017.
Exports surged 13 percent in December alone, with a big increase in dairy products. Milk powder, cheese and butter saw sales to China surge by 39 percent to 230 million NZ dollars (168.1 million US dollars), highlighting changing tastes in the Middle Kingdom for quality dairy imports.
New Zealand’s 2017 imports from China grew 5.7 percent to 10.9 billion NZ dollars (7.97 billion US dollars), led by a 16 percent increase in purchases of Chinese electrical machinery and equipment.
New Zealand’s services sector has also benefited from the FTA with China, with rising numbers of Chinese tourists visiting the country and student exchange programs put in place.
Around one third of foreign students in New Zealand come from China, while Tourism New Zealand reports 400,000 Chinese visitors came to the country last year.
Auckland, New Zealand.
The success of the China-New Zealand FTA comes as China looks to negotiate and see further progress on other potential FTA deals around the world, while the US looks to withdraw from pacts like NAFTA and the CPTPP.
China has launched initial talks with Canada on establishing an FTA, while current deals with countries ranging from Australia and Chile to Georgia and Switzerland have seen increases in trade activity.
The Regional Comprehensive Economic Partnership (RCEP), a proposed FTA between ASEAN and major economies including China, Australia, India, Japan and South Korea, would be the world's biggest free trade zone, covering 3.5 billion people and some 30 percent of global GDP.
Last week’s Indian-ASEAN Summit saw RCEP under discussion, with Singaporean Prime Minister Lee Hsien Loong, the current chair of ASEAN, expressing hope that a conclusion could be reached this year.
(CGTN)
