The New Zealand Taiwan Business Council has reviewed the past year’s trade performance, and in the year ending June 2022 Taiwan moved up to sixth place to become New Zealand’s sixth largest goods exports market.
Goods exports grew 27.1 percent for the year to NZ$1.596 billion.
Imports from Taiwan grew even more strongly by 47.5 percent to NZ$1.441 billion. Two way trade stood at $3.041, the first time the $3 billion mark has been broken.
“It is great to see both Taiwan and New Zealand benefitting so obviously from the free trade agreement that came into force on 1 December 2013,” reports Business Council chair Charles Finny. “For the past few years Taiwan and the UK have been competing for that sixth place in our export table. It is good to see Taiwan now move past the UK,” he said.
“Taiwan has a population and economy about the same size as Australia’s. Many exporters are doing very well in the market already, but there is plenty of scope for expansion in the market. Several exporters have said that they could sell much more in Taiwan if they had the supply,” Finny continued.
New Zealand exports to Taiwan are still heavily dominated by food and beverage products. Manufactures and services are not doing as well in the market.
The Council’s announcement took place on the first day that the New Zealand border was fully open since the COVID closure. It hopes that this will see rapid growth in tourist and student exchanges between Taiwan and New Zealand.
“Exporters are grateful for the excellent support provided by MFAT, NZTE and MPI and by encouragement from the Taipei Economic and Cultural Office in New Zealand,” says Finny. “Thanks to this support there are very few regulatory or other government related challenges in the trading relationship. This helps explain why the relationship is growing so quickly.”