China is now taking 32.6 percent of New Zealand's total exports, up from 25 percent in 2018, according to a new report released by the New Zealand China Council (NZCC) on Thursday.
Trade with China has played a significant role in "pulling the New Zealand economy through the COVID-19 pandemic," said the report "In Perspective: The New Zealand - China Trade and Business Relationship 2022 Update."
After a small decline in 2020, the report shows goods exports to China rebounded strongly by 3.3 billion NZ dollars (2.15 billion U.S. dollars), or 19.8 percent, in 2021, while imports from China increased by 3.1 billion NZ dollars (2.02 billion U.S. dollars), or 26 percent, statistics show.
Total two-way trade of 37.7 billion NZ dollars (24.53 billion U.S. dollars) in 2021 reconfirms China as New Zealand's largest trade partner, said the report.
NZCC Chair John McKinnon said China's market performance was welcome at a time when exports to other key markets such as Australia, Britain and Japan dipped due to the pandemic.
However, supply chains and shipping costs still pose major challenges for both exporters and importers, McKinnon said.
The report shows that New Zealand's trading relationship with China is "a resilient cornerstone for our economy," he said, adding that trade with China continues to show strong potential given China's positive economic prospects.
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