China Surpasses Australia as NZ’s Largest Source of Imports

Media Release
27 February 2012

China Surpasses Australia as New Zealand’s Largest Source of Imports

The Wellington Employers Chamber of Commerce is emphasising the importance of trade with China following the release of today’s merchandise trade figures from Statistics New Zealand.

The figures demonstrate the importance of China to the New Zealand’s economy. Not only have the high levels of export growth continued, the figures confirm that in calendar year 2011 China surpassed Australia as New Zealand’s largest source of imports.

“The emergence of China as an economic superpower combined with the New Zealand China Free Trade Agreement are the main contributors to the growth. The strong Australian dollar may also be having an impact on the relative trade values,” said Chamber President Richard Stone.

“These figures show the importance of free trade. The growth in both exports and imports is welcomed. Businesses need access to competitive inputs and have nothing to fear from the growth in imports.

“It is important to note that exports to China are growing faster than imports from that country. Export to China grew 23.1% in the year to January 2012 and now exceed $6.0 billion.

“Only two years ago China overtook the US as New Zealand’s second largest export market. Australia remains our number one export market and is still some way ahead.

“The Wellington Employers Chamber of Commerce is emphasising the importance of trade with China and will be working with local businesses to facilitate increased exports and international business generally.

“We are working on some exciting new initiatives focussing on China trade to be announced shortly,” Mr Stone concluded.

ENDS

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