Asia is a highly significant export market for New Zealand goods. It is also becoming a highly significant source of imports for New Zealand. While Asia is now New Zealand’s primary goods export market, the trade in services trend is quite different with service exports being dominated by Australia and North America. However, there has been increasing growth in services trade with Asia in recent years - especially with Singapore and China.
The Chamber considers Asia to be a key international trade destination for New Zealand and an area with massive potential for New Zealand businesses to build commercial relationships.
China
China has the world's fastest-growing economy and is one of the world's top exporters. China is currently the focus of the majority of foreign investment and in turn also invests billions of dollars overseas. To provide a perspective – from being smaller than Italy’s, China has now gone on to become the world’s second largest economy.
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Republic of Korea
The Korean Peninsula was governed by a number of Korean dynasties for more than a millennium until annexed by Japan in 1910 following the Russo-Japanese War. Current President Park Geun-hye is the Republic of Korea’s (ROK’s) first woman President.
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Japan
Japan is the world’s third largest economy accounting for 9.6% of global GDP (2012). It has an affluent population of 126 million and boasts the second largest number of millionaire households in the world.
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