Exports - Growing Importance of India, Chin

Export Figures Confirm the Growing Importance of India and China

Trade statistics out today show the increasing importance of China and India as export markets for New Zealand according to the Wellington Regional Chamber of Commerce.

“China is now ahead of Japan as the third largest country of destination for exports, behind Australia and the United States. Exports to China in the 12 months ending June were 62% higher than the previous year compared with a 7.5% increase for New Zealand’s exports overall.

“Annual exports to India have doubled in the last twelve months. India is now our 13th largest export market. In the previous year it wasn’t even in the top 20.

“It is highly likely that we will see further growth in the trade and business relationship with both these countries. The Free Trade Agreement we signed with China last year is now well established and New Zealand and India have commenced their own FTA negotiations.

“While the growing trading relationship with China and India is welcomed, we must not neglect our traditional trading partners. These include the US and Japan - the world’s first and second largest economies.

“New Zealand and Japan have an investigative study pending on the benefits of a free-trade deal and the US is in negotiations with New Zealand and other countries to establish a Trans-Pacific free trade area.

“The rise of China and India as global traders will hopefully provide an impetus to fast-track these negotiations.

“New Zealand’s economic recovery is likely to be export-led and growth in exports will be what sustains New Zealand’s economic performance in the longer run.

“The Chamber is keen to see exports increase their contribution to the Wellington regional economy and is part of a collaboration with EMA Central and Export New Zealand to help achieve this,” Mr Finny concluded.

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