China buoys up New Zealand exports

WELLINGTON -- China edged closer to overtaking Australia as New Zealand's biggest trade partner by buoying up New Zealand exports amid falls in other major markets in the quarter ending September.

New Zealand exports were up 9.4 percent in the September quarter, while imports rose by 8.4 percent, Statistics New Zealand announced Thursday.

Export values hit NZ$12.1 billion ($10.18 billion) led by the largest export group of milk powder, butter, and cheese, which saw values rise by 20 percent, or NZ$551 million, while import values rose to a record NZ$12.7 billion, said a statement from the government agency.

Of the top three export markets, only exports to China were up, rising by NZ$554 million year on year to NZ$2 billion, while exports to Australia fell by NZ$230 million to NZ$2.3 billion, and exports to the United States were also down at NZ$856 million.

China was the top ranked country for imports, with New Zealand taking NZ$2.6 billion in Chinese goods in the September quarter, up by 496 million year on year, while imports from Australia, at NZ$1.7 billion, and the United States, at NZ$1.3 billion, were both down.

New Zealand had a trade deficit of NZ$637 million, equivalent to 5.3 percent of exports, in the quarter following a deficit of NZ$689 million in the June quarter.