China top trading partner at $26.8 billion in year to March
FOR the fourth consecutive month China remains New Zealand’s top trading partner, with combined exports and imports hitting $26.8 billion, for the year to March.
From 2008 to 2017, Australia was the country’s top trading partner and we maintained a surplus of exports, against imports, from them.
New Zealand is still in surplus with both China and Australia, importing less than we
export to them.
Total exports for the year hit $77.9 billion, with dairy the largest contributor, at $14.1 billion, or 18.2%, to numerous countries.
However, while the European Union is New Zealand’s thirdlargest market for trading goods and services, there exists a deficit, in that the country’s exports there are $8.8 billion, but imports tally up to $13.3 billion, Statistics New Zealand data shows.
SNZ’s international statistics senior manager Peter Dolan said on recent history New Zealand had continued to import more from the EU than we have exported to them, while our trade balance with China switched from a deficit to a surplus in 2013.
China, Australia, and the European Union account for nearly half of New Zealand’s total trade with the rest of the world, Mr Dolan said.
For the year to March almost onefifth of New Zealand’s imports came from the European Union, at $13.4 billion, the imports being vehicles, parts, and accessories, mechanical machinery and equipment and transportation services, Mr Dolan said.
By commodities, milk powder, butter and cheese comprised the top export earner at $14.2 billion, business and personal travel came in next at $10.8 billion, or 14% of the total, meat and edible offal $6.7 billion, or 8.7%, logs and wood at $4.8 billion, or 6.2%, and education and travel $4 billion, or 5.2%.
The top import categories were vehicles, parts, and accessories standing at $8.4 billion, 11.4%, mechanical machinery and equipment $8.1 billion, or 11%, business and other personal travel at $6.17 billion, or 8.4%, petroleum products $5.51 billion, or 7.5% and electrical machinery and equipment, at $4.67 billion, or 6.3%.