New Zealand exports to China's Taiwan shot up by 22 percent in the 18 months after a bilateral trade agreement came into effect, Trade Minister Tim Groser said Thursday.
"New Zealand exporters are reaping the benefits of preferential tariff access to Chinese Taipei," Groser said, referring to the Economic Cooperation Agreement between New Zealand and the Separate Customs Territory of Taiwan, Penghu, Kinmen and Matsu (ANZTEC).
Before ANZTEC entered into force in December 2013, goods and services exports to Taiwan were valued at 987 million NZ dollars (648.65 million U.S. dollars) a year, Groser said in a statement.
Exports had risen to 1.2 billion NZ dollars (788.64 million U.S. dollars) in the year ended June 2015.
"As of June 2015, exports of New Zealand apples to Chinese Taipei are now worth 40 million NZ dollars (26.28 million U.S. dollars), up by over 200 percent since June 2013. Apples previously had a tariff of 20 percent tariff, which was eliminated on entry into force," said Groser.
Cherry exports were up 150 percent since 2013 and kiwifruit exports were up 24 percent.
"Dairy exports, New Zealand's largest export to Chinese Taipei, have grown 21 percent in value since June 2013, and now total 350 million NZ dollars (229.98 million U.S. dollars) a year. The 10-percent tariff on milk power and 5-percent tariff on butter were eliminated on entry into force," he said.
Exports of wine rose 56 percent to 1.3 million NZ dollars (854,230 U.S. dollars), after the removal of a 10-percent tariff on non-sparkling wine and a 20-percent tariff on sparkling wine.
"These early results are extremely encouraging and will build jobs and more opportunities, particularly in regional and provincial New Zealand," said Groser.
