New Zealand’s trade dependence on China is deepening even as officials in the South Pacific nation caution exporters about relying too much on one big market should relations with Beijing deteriorate like they have in Australia.
China became an even bigger customer for New Zealand exports in the 12 months through April, data showed Wednesday, highlighting the island economy’s dependence on maintaining a cozy commercial relationship with Beijing.
Shipments to China rose to NZ$17.8 billion ($13 billion), amounting to 30.2% of total exports in the period. Sales to China gained 6.3% from April 2020, when the share was 27.8%.
China is by far New Zealand’s biggest trading partner, with second-ranked Australia at 13% of total exports, while the U.S. takes 11% and Japan 5.5%.
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