China surpasses the US as export market

China surpasses the US as New Zealand’s second largest export market

The importance of free trade has been reinforced by statistics showing that China has overtaken the US as New Zealand’s second largest merchandise export market (behind Australia) according to the Wellington Regional Chamber of Commerce.

Statistics released today show that New Zealand exports to China were $3.76 billion in the year to February 2010 up 36.8% on the previous year. Exports to the US fell 22.4% over the same period.

“China has been experiencing unprecedented economic growth, even in the face of global recession, which has driven the increase in exports over recent years but the New Zealand China Free Trade Agreement, which has been in place since late 2008, has also been a major contributor,” said Chamber CEO Charles Finny.

“New Zealand exports to the US have been relatively stagnant over recent years unlike other countries with which we have negotiated free trade agreements. We would like to turn this around.

“We are hopeful that a free trade agreement with US can be achieved as part of the Trans Pacific Partnership with a group of other Asia-Pacific countries – negotiations for which commenced last week.

“This would act as a catalyst for a return to strong two-way trade between the US and New Zealand which would be in both countries’ best interests,” Mr Finny concluded.

ENDS

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