Decline in New Zealand’s Exports to China Persists

Statistics New Zealand’s latest data reveals a continued drop in the total value of goods exported to China, reaching $19.3 billion in the year ending September 2023. This decline has been ongoing since May 2023.

China accounted for 27% of New Zealand’s total goods exports ($70.4 billion) in the year ending September 2023, highlighting a shift compared to 18% ($8.3 billion) in the same period a decade ago.

Of the top 15 export commodities, China remained the principal trading partner for seven, emphasizing its crucial role for New Zealand’s primary sectors, particularly in food and forestry.

Key Export Commodities to China: September 2023

  1. Milk powder, butter, and cheese: $20.3 billion (32% of exports)
  2. Meat and edible offal: $8.7 billion (37% of exports)
  3. Logs, wood, and wood articles: $4.8 billion (62% of exports)
  4. Fruits: $3.7 billion (25% of exports)
  5. Preparations of milk, cereals, flour, and starch: $2.5 billion (57% of exports)
  6. Mechanical machinery and equipment: $2.4 billion (31% of exports)
  7. Wine: $2.3 billion (36% of exports)
  8. Fish, crustaceans, and mollusks: $1.9 billion (36% of exports)
  9. Casein and caseinates: $1.9 billion (31% of exports)
  10. Aluminium and aluminium articles: $1.6 billion (37% of exports)

Exports of mechanical machinery and equipment, valued at $2.4 billion, found major markets in Australia and the United States. Similarly, wine exports, worth $2.3 billion, dominated the United States market. The primary market for aluminium and aluminium articles, valued at $1.6 billion, was Japan. Electrical machinery and equipment exports, totaling $1.5 billion, were led by the United States, closely followed by Australia. Optical, medical, and measuring equipment exports, valued at $1.2 billion, found a significant market in the United States.