As New Zealand Prime Minister Chris Hipkins prepares to lead a trade delegation to China seeking greater access for both the country's primary exports and emerging sectors such as gaming, producers are diversifying away from their biggest market.
Beijing’s attempts to punish neighbouring Australia through trade for perceived intransigence over issues from the origin of COVID-19, to spying and human rights, has been noted in New Zealand. The percentage of New Zealand’s goods exports going to China dropped to 29% in the year to April from 31% in 2022, the first time since 2015 that the share of exports to China has dropped.
“The heightened implication of the geopolitical landscape is huge,” said Mathew Talbot, general manager for Alliance, one of New Zealand’s largest beef and sheep meat exporters. But calls for diversification are growing, driven on two fronts. Firstly, fears the market could become more challenging if geopolitical challenges heat up, but secondly, by a growing number of small companies that see markets in Australia and North America as offering better opportunities as they will pay for premium and sustainable products.
“I think we'll have a fairly broad ranging conversation ... It's an opportunity for me to underscore the importance of the New Zealand-China relationship,” said Hipkins on Monday at his weekly press briefing.
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