As New Zealand Prime Minister Christopher Luxon concluded a recent official visit to China, the two nations injected new vigor into their trade relations, emphasizing long-term commitments by New Zealand firms to the Chinese market. China remains New Zealand's largest trading partner, particularly relevant for its agricultural exports. In 2024, bilateral trade reached 38.26 billion New Zealand dollars, with Chinese imports comprising 20.6% of New Zealand's total exports, according to the Ministry of Commerce.
In alignment with this trade framework, Zespri Board Chairman Nathan Flowerday, part of Luxon's delegation, participated in the signing of a "Zespri Decade Sales Doubling - Strategic Development Memorandum" for China. Zespri's agreements with its major distributors Joy Wing Mau and Goodfarmer, along with retailers Pagoda and Xianfeng Fruit, aim to double fruit export values to China within the next decade. Zespri's strategic localization has driven sales growth since its market entry in 2009, with 2024 revenues exceeding 1.4 billion New Zealand dollars and a distribution that spans 70 cities and over 100,000 retail outlets.
The bilateral trade strategy is facilitated by a robust China-New Zealand financial infrastructure. Bank of China New Zealand has been instrumental in advancing economic ties, particularly in corporate financing and RMB settlement. CEO Hu Beihai mentioned that the bank's annual RMB settlement volume was 23.84 billion yuan in 2024. The China-New Zealand Free Trade Agreement, since 2008, has bolstered New Zealand exports significantly with a 14.1% annual growth rate from 2008 to 2024.
Source: China Daily
